If X, the Time (In Minutes)to Complete an Change Job $\le$

question 46

Multiple Choice

If x, the time (in minutes) to complete an change job at certain auto service station, is uniformly distributed over the interval 20 to 30, inclusively (20 $\le$ x $\le$ 30) , then the probability that an oil change job is completed in 21.75 to 24.25 minutes, inclusively, i.e., P(21.75 $\le$ x $\le$ 24.25) is __________________.

• A)0.250
• B)0.333
• C)0.375
• D)0.000
• E)1.000

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.

Benefit From Trade

The advantage gained by countries, entities, or individuals from engaging in international trade, often including access to a wider variety of goods and services.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors using the same amount of resources.

Comparative Advantage

A principle that states that a party should specialize in producing goods for which it has the lowest opportunity cost, leading to increased economic efficiency.