SCENARIO 6-2 John Has Two Jobs.For Daytime Work at a Jewelry Store

question 50

Short Answer

SCENARIO 6-2
John has two jobs.For daytime work at a jewelry store he is paid $15,000 per month,plus a commission.His monthly commission is normally distributed with mean $10,000 and standard deviation $2000.At night he works occasionally as a waiter,for which his monthly income is normally distributed with mean $1,000 and standard deviation $300.John's income levels from these two sources are independent of each other.
-Referring to Scenario 6-2,for a given month,what is the probability that John's income as a waiter is less than $1300?

---

Definitions:

Purely Competitive

A market structure with many sellers offering identical products, leading to no individual influence on price by single sellers.

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, holding all other inputs constant.

Resource

A source or supply from which a benefit is produced and that has some utility, which can include natural resources, human resources, and capital.

Units

A measurement or quantity of something, used in various contexts such as economics, to quantify production, sales, or other items.