A Company Randomly Selects 100 Light Bulbs Every Day for 40

question 24

Multiple Choice

A company randomly selects 100 light bulbs every day for 40 days from its production process.If 600 defective light bulbs are found in the sampled bulbs then the estimate for the process average defective would be

• A)6.667
• B)0.167
• C)0.150
• D)0.250

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Definitions:

Costs

The value of resources sacrificed to achieve a particular objective, such as producing goods or services.

Benefits

Forms of value, such as financial support, goods, or services, provided to individuals or organizations, typically as part of employment or governmental support.

Marginal Benefit Assessment

The evaluation of the additional benefits received from using one more unit of a good or service.

Economic Efficiency

A state where resources are allocated in the most effective manner, maximizing the production of goods and services while minimizing waste and costs.