Choose the One Alternative That Best Completes the Statement or Answers

question 26

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-The table below shows the results of a consumer survey of annual incomes in 100 households. $$\begin{array} { l | c } \text { Income } & \text { Number of households } \\\hline \$ 0 - 14,999 & 9 \\\hline \$ 15,000 - 24,999 & 25 \\\hline \$ 25,000 - 34,999 & 27 \\\hline \$ 35,000 - 44,999 & 25 \\\hline \$ 45,000 \text { or more } & 14\end{array}$$ What is the probability that a household has an annual income between $15,000 and $44,999 inclusive?

• A) 0.52
• B) 0.5
• C) 0.77
• D) 0.27

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Definitions:

Per Unit Costs

The average cost incurred for producing or acquiring one unit of a product or service.

Resource Prices

Refer to the market values assigned to natural or human-made materials that are used in the production of goods and services.

Inefficient Use

Utilization of resources in a way that is not optimal or does not maximize the potential outcome or benefit.

Economies of Scale

The economic benefits that companies gain from their size of operations, usually with the expense for each produced unit going down as the production volume goes up because fixed expenses are distributed across a larger number of units.