At A-Life Corporation, Managers Begin at $35/hour Until They Reach

question 31

Multiple Choice

At A-Life Corporation, managers begin at $35/hour until they reach $50/hour (salaries are always to the nearest dollar) . If the variable x = hourly wage has a discrete uniform distribution, what is the probability that a manager's wage is between $42 and $45?

• A) 0.50
• B) 0.35
• C) 0.30
• D) 0.25
• E) 0.13

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Definitions:

Buyers

People or organizations that purchase products or services by paying with currency.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting profit margins.

Market Equilibrium

The condition in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers, resulting in a stable price.

Good

A tangible product that satisfies human wants or needs and can be transferred or traded.