The Manager of a Bank Recorded the Amount of Time

question 15

Multiple Choice

The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hours one Monday. The frequency table below summarizes the results. $\begin{array}{|l|l|}\hline \begin{array}{l}\text { Waiting Time } \\\text { (minutes) }\end{array} & \begin{array}{l}\text { Number of } \\\text { Customers }\end{array} \\\hline 0-3 & 9 \\\hline 4-7 & 10 \\\hline 8-11 & 12 \\\hline 12-15 & 4 \\\hline 16-19 & 4 \\\hline 20-23 & 2 \\\hline 24-27 & 2 \\\hline\end{array}$

If we randomly select one of the customers represented in the table, what is the probability that the waiting time is at least 12 minutes or between 8 and 15 minutes?

• A) \(0.558\)
• B) \(0.651\)
• C) \(0.093\)
• D) \(0.727\)

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Definitions:

Economic Profit

A measure of profit that includes all costs, including both the explicit costs of inputs and the implicit costs of capital.

Short-Run Loss

A situation where a firm's total revenues are less than its total costs within a short period, not allowing all factors of production to vary.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and the economy or the firm is fully adjusted to economic conditions, with no excess demand or supply in any market.

Efficient Scale

The level of production that minimizes the average total cost of producing a good or service. It represents the most cost-effective point of operation for a business.