Examlex
The weight of a product is normally distributed with a mean of four grams and a variance of .25 "squared grams." What is the probability that a randomly selected unit from a recently manufactured batch weighs:
-The weight of a product is normally distributed with a standard deviation of .5 grams.What should the average weight be if the production manager wants no more than 10% of the products to weigh more than 4.8 grams?
Increasing Cost Industry
An industry in which the costs of production increase as the industry's output expands, typically due to resource limitations.
Decreasing-Cost Industry
An industry where the average cost of production decreases as the industry's output increases, often due to economies of scale.
Long-Run Industry Supply Curve
A graphical representation that shows the relationship between the price of a good and the total output of the industry over time, assuming all inputs are variable.
LRAC Curve
the Long-Run Average Cost curve, showing the lowest average cost at which any output level can be produced when all inputs are variable.
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