A Machine Is Made Up of 3 Components: an Upper

question 31

Essay

A machine is made up of 3 components: an upper part,a mid part,and a lower part.The machine is then assembled.3 percent of the upper parts are defective;2 percent of the mid parts are defective;5 percent of the lower parts are defective.Assuming that the parts function independently of each other,what is the probability that a machine is non-defective?

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Definitions:

Economic Profits

A recalculated measure of return on investment that includes both visible and hidden costs, indicating real profitability over and above all expenses.

Goods Value

Goods value represents the importance, worth, or usefulness of a product or service to buyers, often determined by its price, quality, and utility.

Market Supply

The total quantity of a good or service that all producers are willing and able to sell at various prices in a given market.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single participant has the power to significantly influence prices.