Use the Following Information to Answer Questions (3)-(4)

question 6

Multiple Choice

Use the following information to answer questions (3) -(4) . A package delivery service divides their packages into
weight classes. Suppose that the packages in the 14-20 pound class are uniformly distributed, meaning that all weights
within that class are equally likely to occur. The probability density curve is shown below.
-Find the probability that a package weighs between 14 and 18 pounds?

• A)0.67
• B)0.33
• C)0.40
• D)0.80

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Definitions:

Opportunity Cost

The cost of foregone alternatives when a decision is made, representing the benefits that could have been gained by choosing the next best alternative.

Labor-intensive

Refers to a type of industry or process that requires a large amount of human labor to produce goods or services, as opposed to being heavily automated.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.

Specialization

The process of focusing on and becoming expert in a particular subject or skill, often resulting in increased efficiency and productivity in economic contexts.