THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 204

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
On average,an RV sales lot sells six RVs per month.Assume the number of sales of RVs per month follows the Poisson distribution.
-What is the probability that more than three RVs are sold next month?

• A)0.8488
• B)0.7350
• C)0.9826
• D)0.7149

---

Definitions:

Comparative Advantage

The ability of a country, individual, or firm to produce a particular good or service at a lower opportunity cost than others.

Marginal Cost

The cost incurred by producing one additional unit of a product or service.

Opportunities Forgone

The benefits, profit, or value of something that must be given up to acquire or achieve something else.

Opportunity Cost

The outcome of forgoing possible advantages from other alternatives by choosing one option.