THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 96

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The time it takes to assemble an electronic component is normally distributed with a mean of 17.2 minutes and a standard deviation of 3.1 minutes.
-The probability is 95% that it will take at least how long to assemble a component?

• A)12.7
• B)11.7
• C)12.1
• D)11.1

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, often representing the additional benefit over the next best alternative.

Industry Output

The total production or supply of goods and services produced within a specified industry over a given period of time.

Economic Losses

Occur when a company's total costs exceed its total revenues, resulting in a negative profit.

Industry Output

The total production of goods and services by all firms in a specific industry over a given period.