Exhibit 6-7 The Weight of Items Produced by a Machine Is Normally

question 59

Multiple Choice

Exhibit 6-7
The weight of items produced by a machine is normally distributed with a mean of 8 ounces and a standard deviation of 2 ounces.
-Refer to Exhibit 6-7. What is the probability that a randomly selected item will weigh between 11 and 12 ounces?

• A)0.4772
• B)0.4332
• C)0.9104
• D)0.0440

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Definitions:

Total Revenue

A rephrased definition: The cumulative income of a business from its sale of products or services, equivalent to the price of goods sold multiplied by the quantity sold.

Price Cut

A reduction in the selling price of products or services, typically to stimulate demand or respond to competition.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given time.

Market Share

The percentage of total sales or revenue generated by a company within a particular market relative to its competitors.