The Australian Sheep Dog Is a Breed Renowned for Its

question 73

Multiple Choice

The Australian sheep dog is a breed renowned for its intelligence and work ethic. It is estimated that 45% of adult Australian sheep dogs weigh 65 pounds or more. A sample
Of 11 adult dogs is studied. What is the probability that more than 8 of them weigh 65 lb
Or more?

• A) 0.939
• B) 0.0022
• C) 0.0610
• D) 0.0148

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Definitions:

Resource Prices

The costs associated with the factors of production like labor, capital, land, and entrepreneurship used in the creation of goods or services.

Income Distribution

The way in which a nation's total earnings are divided among its population.

Marginal Revenue Product

The extra income created by using an additional unit of a production resource or input.

Price of Labor

The wages or compensation workers receive in exchange for their labor, determined by various factors including skill level, demand, and economic conditions.