If a New Machine of a Production Plant Is Functioning

question 14

Short Answer

If a new machine of a production plant is functioning properly,only 1% of the items produced will be defective.Out of the 1,000 items the plant produces on a single day,the approximate probability that less than 0.2% of the items will be defective if the new machine is indeed functioning properly is .

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Definitions:

Consumption

The act of using up goods and services to meet personal or collective needs or desires, typically measured within an economy over a period.

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to the level of satisfaction or utility those goods provide.

Cow Feed

Food specifically formulated or suitable for feeding cattle.

Consumption

Refers to the total amount of goods and services purchased and used by consumers over a period of time.