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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The stamping machine on a production line periodically is taken off-line for maintenance.Assume that the amount of time the machine is off-line is uniformly distributed between 15 and 30 minutes.
-What is the probability that the machine is off-line for more than 18 minutes?
Consumer Surplus
The consumer surplus is the gap between what consumers are ready and capable of paying for a good or service and what they actually spend on it.
Marginal Utility
The augmented satisfaction or value someone derives from the consumption of an extra unit of a good or service.
Consumer Surplus
Consumer surplus represents the discrepancy between the total price consumers are prepared and able to spend on a product or service and the actual amount they end up paying.
Marginal Utility
The additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.
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