The Assembly Time for a Product Is Uniformly Distributed Between

question 22

Multiple Choice

The assembly time for a product is uniformly distributed between 2to 10 minutes. The probability of assembling the product between 7 to 9 minutes is

• A) 0.
• B) 0.50.
• C) 0.2.
• D) 0.25.

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Definitions:

MRP

Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a resource.

Wage Rate

The amount of money paid to an employee per unit of time worked, often hourly, daily, or annually.

Complementary Resources

Goods or services that are used together, where the use of one increases the value or demand for the other.

Shift Demand

A change in the quantity demanded at every price point, caused by factors other than the price of the product itself.