THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 182

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The continuous random variable X is uniformly distributed over the interval 4 to 10.
-What is P(5 ≤ X ≤ 11) ?

• A)0.167
• B)0.833
• C)1.000
• D)0.000

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Definitions:

Marginal Cost

The financial outlay for producing an incremental unit of a product or service.

Short-Run Supply

The total quantity of a good or service that businesses are willing and able to sell at current prices in a short time period.

Implicit Cost

The opportunity costs that are not directly paid or seen but represent real costs to a business, such as the value of time or resources.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to market changes.