The Vardon Exploration Company Is Getting Ready to Leave for South

question 95

Multiple Choice

The Vardon Exploration Company is getting ready to leave for South America to explore for oil. One piece of equipment requires 10 batteries that must operate for more than 2 hours. The batteries being used have a 15 percent chance of failing within 2 hours. The exploration leader plans to take 15 batteries. Assuming that the conditions of the binomial apply, the probability that the supply of batteries will contain enough good ones to operate the equipment is:

• A) 0.0449
• B) 0.9832
• C) 0.0132
• D) 0.9964

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Definitions:

Factors Of Production

The resources used in the process of production, including land, labor, capital, and entrepreneurship.

Production Technology

The methods, equipment, and processes used to produce goods and services, encompassing both physical machinery and software systems.

Efficient Outcomes

Results or end-states that achieve the maximum benefit or utility with the minimal waste of resources.

Economy

The system of production, distribution, and consumption of goods and services in a particular geographic area.