A P/OM Student Has Purchased a Four-Function Calculator for Use

question 43

Multiple Choice

A P/OM student has purchased a four-function calculator for use during exams.This calculator is perfectly reliable except for two parts: its microchip,which has a failure rate of one in every twenty hours of operation; and its battery,which has a failure rate of one in every ten hours of operation.Also,on average the battery will fail in five hours,with a standard deviation of 30 minutes.Assuming that a new battery has just been installed and the student brings one spare battery with him,what is the probability that the calculator will perform reliably during a one-hour exam?

• A)0.89775
• B)0.9405
• C)0.987525
• D)0.99
• E)0.9975

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Definitions:

Command Economy

An economic system where the government makes all decisions regarding what goods should be produced, how they should be produced, and who gets them.

Inefficiency

A lack of efficiency, where resources are not utilized in the best possible manner, often leading to waste or lost opportunities.

Highest-valued Uses

Refers to the allocation of resources where they can generate the highest possible value or benefit, optimizing economic efficiency.

Economic Question

A query or issue that pertains to the production, distribution, and consumption of goods and services.