Use the Following Information for the Question

question 31

Multiple Choice

Use the following information for the question. The average travel time to work for a person living and working in Kokomo, Indiana is 17 minutes. Suppose the standard deviation of travel time to work is 4.5 minutes and the distribution of travel time is approximately normally distributed.
-Suppose that the probability that a person between the ages of 19 and 24 buys at least one tabloid magazine per week is 0.115. If 500 randomly selected people between the ages of 19 and 24 were asked "Do you buy at least one tabloid magazine per week?", would you be surprised if 45 or more said yes to this question? Why?

• A)Cannot be determined with the given information.
• B)Yes, 45 would be an unusually large number of people given the known probability of 0.12.
• C)Yes, 45 would be an unusually small number of people given the known probability of 0.115.
• D)No, 45 is within the expected range of people.

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Definitions:

Patent

A legal document granting an inventor exclusive rights to produce, use, and sell an invention for a certain period of time.

Average Total Cost

The total cost of production (fixed and variable costs) divided by the number of units produced, representing the cost per unit.

Raw Materials

are the basic materials from which products are made, often used in manufacturing and production processes.

Production Process

The series of steps and operations involved in the production of goods or services.