A Seafood Shop Sells Salmon Fillets Where the Weight of Each

question 10

True/False

A seafood shop sells salmon fillets where the weight of each fillet is normally distributed with a mean of 1.6 pounds and a standard deviation of 0.3 pounds. They want to classify the largest fillets as extra large and charge a higher price for them. If they want the largest 15 percent of the fillets to be classified as extra large, the minimum weight for an extra large fillet should be 1.91 pounds.

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Definitions:

Obligor

The party in a contractual agreement who is bound to provide a payment or performance to the other party, known as the obligee.

Third Party Beneficiary

One for whose benefit a promise is made in a contract but who is not a party to the contract.

Contractual Duty

An obligation created by a contract that requires a party to act or refrain from acting in a certain way.

Accounting

The systematic recording, reporting, and analysis of financial transactions of a business.