THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 19

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The filling machine at a bottling plant is operating correctly when the variance of the fill amount is equal to 0.3 ounces.Assume that the fill amounts follow a normal distribution.
-What is the probability that for a sample of 30 bottles,the sample variance is greater than 0.5?

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Definitions:

Short-run

A period in which at least one factor of production is fixed, limiting the ability to adjust to changes in market conditions.

Perfectly Competitive Industries

Markets where there are many buyers and sellers, products are homogeneous, and no single entity has the ability to influence prices.

Quantity Of Output

The total amount of goods or services produced by an individual, firm, industry, or entire economy in a given period.

Price To Charge

Price to Charge refers to the amount a business decides to set for its product or service, taking into account costs, competitive prices, and profit margins.