The Lengths of Brook Trout Caught in a Certain Colorado

question 55

Multiple Choice

The lengths of brook trout caught in a certain Colorado stream are normally distributed with a mean of 14 inches and a standard deviation of 3 inches. What lower limit should the State Game Commission set on length if it is desired that 80 percent of the catch may be kept by fishers?

• A)12.80 inches
• B)11.48 inches
• C)12.00 inches
• D)9.22 inches Using Excel =NORM.INV(.20,14,3) = 11.475, or X = 14 - 0.84(3) = 11.48 using AppendixC.

Understand the concept of normal plant capacity and its impact on production volume and cost calculations.

Analyze special order decisions and the relevance of differential analysis in managerial decision-making.

Apply the total cost method of cost-plus pricing to determine product prices.

Calculate profit goals as a return on invested assets and understand its impact on pricing strategies.

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