Assume That the Time Needed by a Worker to Perform

question 9

Short Answer

Assume that the time needed by a worker to perform a maintenance operation is normally distributed, with a mean of 60 minutes and a standard deviation of 6 minutes. What is the probability that the average time needed by a sample of 5 workers to perform the maintenance is between 63 and 68 minutes?

---

Definitions:

Price Gouging

Price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair, often during a demand spike caused by a crisis.

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, typically above the equilibrium market price to maintain a fair or sustainable market condition.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied, leading to market balance.