The Thicknesses of Six Machine Parts Are Measured with a Micrometer

question 7

Short Answer

The thicknesses of six machine parts are measured with a micrometer. The measurements are 0.077", 1.348", 0.6164", 1.806", 0.415", and 3.182". What is the total thickness, in inches, of the parts?

---

Definitions:

Profit-Maximizing Price

The price level at which a firm can achieve the highest possible profit on its product, based on its cost structure and the demand curve it faces.

Herfindahl Index

A measure of the size of firms in relation to the industry and an indicator of the amount of competition among them. It squares and then sums the market shares of all firms in the industry.

Market Shares

A part of the market that is influenced or owned by a particular company or product, usually measured as a percentage of the market's complete sales.

Herfindahl Index

A measure used to assess the level of concentration and competition within an industry, calculated by summing the squares of market shares of all firms in the market.