Provide an Appropriate Response

question 4

Multiple Choice

Provide an appropriate response.
-The number of loaves of whole wheat bread left on the shelf of a local quick stop at closing (denoted by the random variable X) varies from day to day.Past records show that the probability distribution of X is as shown in the following table.Find the probability that there will be at least three loaves left over at the end of any given day.

• A)0.15
• B)0.65
• C)0.20
• D)0.35

Explain derived demand and its implications for labor and capital in various industries.

Understand how the law of diminishing returns affects the productivity of additional workers and the firm's decision-making.

Recognize the impact of changes in product demand on the demand for resources used in production.

Understand the relationship between the wage rate and the quantity of labor demanded.

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Definitions:

Fixed Costs

Costs that remain constant regardless of the amount of goods produced or sold in a brief timeframe, including charges like rent, salaries, and insurance.

Units of Production

A depreciation method that allocates the original cost of an asset over its total estimated production capacity.

Direct Materials Cost Variance

The difference between the actual cost of direct materials used in production and the standard cost of those materials.

Direct Materials Quantity Variance

The difference between the actual amount of direct materials used in production and the expected amount, based on standards, multiplied by the standard cost per unit.