A Manager Has Been Given the Table Shown Below and Is

question 53

Multiple Choice

A manager has been given the table shown below and is asked to generate random numbers. Which of the following statements is True?

• A) There are no customers in the store 49 percent of the time.
• B) The probability of having one customer in the store is 0.30.
• C) The relative frequency of having two customers in the store is 0.80.
• D) If we randomly choose the numbers 0 through 99 enough times, about 99 percent of the time we will have two customers in the store.

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Definitions:

Total Cost Curve

A graphical representation showing the total cost associated with producing varying quantities of output, illustrating economies or diseconomies of scale.

Short Run

A time frame in economics during which at least one factor of production is fixed, limiting the ability of the economy or a firm to adjust to changes.

Fixed Costs

Expenses that remain constant regardless of the volume of production or sales, like lease payments or wages.

Variable Input(s)

Inputs or resources whose quantity can be changed in the short term to adjust the level of production.