John Drives to Work Each Morning and the Trip Takes

question 25

Multiple Choice

John drives to work each morning and the trip takes an average of µ = 38 minutes.The distribution of driving times is approximately normal with a standard deviation of σ = 5 minutes.For a randomly selected morning,what is the probability that John's drive to work will take less than 35 minutes?​

• A)​0.6554
• B)​0.3446
• C)​0.7257
• D)​0.2743

Analyze the impact of activity levels on budget planning and performance evaluations.

Understand the difference between favorable and unfavorable variances and their significance.

Learn about the various types of costs (fixed, variable) in budgeting and performance reports.

Apply cost estimates to calculate budget variances.

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Definitions:

Units

Basic quantities or measures adopted by convention or by law, used as a standard to express physical quantities.

Diminishing Returns

An economic principle where the addition of a variable factor to a fixed factor leads to a decrease in the marginal output of the variable factor beyond a certain point.

Variable Factors

Components of production that can be adjusted in the short term to change the output level, such as labor and raw materials.

Economies of Scale

A situation where the cost of producing one unit of a good decreases as the volume of production increases.