A Production Process Produces 2

question 48

Multiple Choice

A production process produces 2.5% defective parts. A sample of five parts from the production process is selected. What is the probability that the sample contains exactly two defective parts?

• A) 0.2637
• B) 0.0058
• C) 0.0000
• D) 0.0250

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Definitions:

Tax

Mandatory financial charge imposed by a government on individuals, companies, or transactions to fund public expenditures.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic benefit.

Tax

Compulsory financial charges or other types of levies imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the higher price they actually receive, representing the benefit to producers.