The Amount of Juice That Can Be Squeezed from a Randomly

question 286

Multiple Choice

The amount of juice that can be squeezed from a randomly selected orange out a box of oranges with approximately the same size can most likely be modeled by which of the following distributions?

• A)Uniform distribution.
• B)Poisson distribution.
• C)Normal distribution.
• D)Exponential distribution.

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Definitions:

Normal Good

A Normal Good is a type of good for which demand increases when the income of the consumer increases and falls when the income decreases, assuming the price remains constant.

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, and land.

Inputs

The resources (such as labor, materials, and capital) used in the production process to create goods or services.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable change in a model.