An Apple Juice Producer Buys All His Apples from a Conglomerate

question 46

Multiple Choice

An apple juice producer buys all his apples from a conglomerate of apple growers in one northwestern state.The amount of juice squeezed from each of these apples is approximately normally distributed with a mean of 2.25 ounces and a standard deviation of 0.15 ounce.Between what two values (in ounces) symmetrically distributed around the population mean will 80 percent of the apples fall?

• A) \(\left[ \begin{array} { l l }
• 2.13 & 2.37
• \end{array} \right]\)
• B) \(\left[ \begin{array} { l l }
• 2.10 & 2.40
• \end{array} \right]\)
• C) \(\left[ \begin{array} { l l }
• 2.06 & 2.44
• \end{array} \right]\)
• D) \(\left[ \begin{array} { l l }
• 1.95 & 2.55
• \end{array} \right]\)

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Definitions:

Reaction Function

A formula or model that predicts how a firm will change its output in response to changes in prices, outputs, or strategies of other firms.

Demand Function

A mathematical expression that shows the relationship between the quantity demanded of a good and its determining factors, such as price and income.

Marginal Cost

The climb in cumulative cost associated with the crafting of one more unit of a product or service.

Pumpkins

A type of winter squash, commonly orange in color when ripe and used for food, as well as for decorative purposes such as Halloween jack-o'-lanterns.