THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 165

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The number of orders that come into a mail-order sales office each month is normally distributed with a mean of 298 and a standard deviation of 15.4.
-What is the probability that in a particular month the office receives more than 310 orders?

• A)0.7823
• B)0.2826
• C)0.7174
• D)0.2177

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a product and the quantity of the product that a seller is willing and able to supply.

Number of Sellers

The total count of individuals or entities offering a specific good or service in the market.

Production Technology

The methods, equipment, and processes used to produce goods and services.

Income

The financial gain received, often measured on a regular basis, through work, investments, or business ventures.