Determine the Appropriate Probability Rule to Use
-The Age Distribution $0.230$

question 83

Multiple Choice

Determine the Appropriate Probability Rule to Use
-The age distribution of members of a gymnastics association is shown in the table. A member of the association is selected at random. Find the probability that the person selected is between 26 and 35 inclusive. Round your answer to three decimal places.

• A) \(0.230\)
• B) \(0.182\)
• C) 253
• D) \(0.048\)

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Definitions:

Long-run Average Total Cost

The long-run average total cost is the per-unit cost of production when all inputs can be adjusted, reflecting the most cost-efficient scale of operation.

Long-run Total Costs

The total costs incurred by a firm when all inputs are variable and can be adjusted.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

Long-run Average Total Cost

The average cost per unit of output when all inputs, including capital, are variable, analyzed over a period when all factors of production can be adjusted.