Micron Technology Has Sales Offices Located in Four Cities: Dallas,Seattle,Boston,and

question 5

Multiple Choice

Micron Technology has sales offices located in four cities: Dallas,Seattle,Boston,and Los Angeles.An analysis of the company's accounts receivables reveals the number of overdue invoices by days,as shown here. Assume the invoices are stored and managed from a central database.
What is the probability that a randomly selected invoice from the database is between 30 and 90 days overdue?

• A)0.2702
• B)0.0231
• C)0.3461
• D)0.7765

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Definitions:

Quantity Demanded

Represents the total amount of a good or service that consumers are willing and able to purchase at a given price point, within a specific period.

Market Equilibrium

A situation where the quantity of goods supplied equals the quantity of goods demanded, leading to price stability.

Price Cheeseburger

The cost that a consumer pays to purchase a cheeseburger from a seller.

Excess Supply

A situation in a market where the quantity of a good or service supplied is greater than the quantity demanded at the current price.