Find the Indicated Probability A) 06
B) 0

question 180

Multiple Choice

Find the indicated probability.
-The data set represents the income levels of the members of a country club. Find the probability that a randomly selected member earns at least $77,000. Round your answers to the nearest tenth. $$\begin{array} { r r r r r r r r r r } 93,000 & 109,000 & 75,000 & 117,000 & 76,000 & 93,000 & 77,000 & 73,000 & 133,000 & 173,000 \\74,000 & 85,000 & 125,000 & 76,000 & 109,000 & 101,000 & 77,000 & 141,000 & 72,000 & 101,000\end{array}$$

• A) 0.6
• B) 0.4
• C) 0.8
• D) 0.7

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Definitions:

Returns to Scale

Describes how a firm's output changes as inputs are increased proportionately.

Decreasing

A process or trend of becoming smaller or less in amount, size, degree, or value.

Lagrange Multipliers

A method used in optimization to find the maximum or minimum of a function subject to constraints.

Marginal Cost of Production

Another term for Marginal Cost, emphasizing the specific focus on production expenses.