The Average Fee Per Student (An Amount That Includes Activities

question 44

Multiple Choice

The average fee per student (an amount that includes activities fees, technology fees, curriculum fees, etc.) at four-year colleges is $1043.The fee charges are normally distributed with a standard deviation of $68.What proportion of students pay fees between $950 and $1050?

• A).3326
• B).4545
• C).4140
• D).3672
• E).2997

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Definitions:

ABC Analysis

is an inventory categorization technique that divides items into three categories (A, B, and C) based on their importance or value, helping to prioritize management and resource allocation.

Economic Order Quantity Model

A mathematical model that determines the optimal order size that minimizes the total cost of holding and ordering inventory.

Production Order Quantity Model

A mathematical model used to determine the optimal order quantity that minimizes total inventory costs, considering both holding and setup costs.

Annual Setup Costs

The total expenses incurred from setting up machinery or equipment for production runs in a factory, accumulated on a yearly basis.