The Weekly Demand for an Item in a Retail Store

question 15

Multiple Choice

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83. What would be the weekly demand if its corresponding computer-generated value is 0.5?

• A)90.1
• B)83
• C)76.5
• D)50.85

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Definitions:

Short Run

A period during which at least one factor of production is considered fixed and cannot be varied.

Long Run

In the long run refers to an extended period of time during which all factors of production and costs can be fully adjusted, often used in economics to discuss theoretical outcomes.

Tax Purposes

The reason or context within financial and legal frameworks for which taxes are assessed, recorded, and paid, influencing financial decisions and reporting.

Existing Firm

A company or business that currently operates within a market, as opposed to new entrants or startups.