The Amount of Time Required for an Oil and Filter

question 107

Short Answer

The amount of time required for an oil and filter change on an automobile is normally distributed with a mean of 45 minutes and a standard deviation of 10 minutes.A random sample of 16 cars is selected.What is the probability that the sample mean is between 45 and 52 minutes?

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Definitions:

Marginal Cost

The cost incurred by producing one more unit of a good or service.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of a product or service.

Average Total Cost

The total cost of production divided by the total quantity produced, representing the average cost per unit of output.

Implicit Costs

The opportunity costs of using resources owned by the business for its operations, not directly paid out in cash.