An Efficiency Expert Makes Periodic Checks for Weighting Errors for a Long

question 14

Short Answer

An efficiency expert makes periodic checks for weighting errors for a long distance shipping firm.The expert inspects for errors in weighing,in recording weights,and errors in processing the bills of lading.Based on past records,the number of weekly errors for all shipments averages 5.30 with a standard deviation of 1.23,and the frequency histogram approximates a normal distribution.Suppose x is the number of weighing errors that will occur next week.Compute the approximate probability for (x = 6).

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Definitions:

Price Ceiling

A maximum legal price that can be charged for a good or service, aimed at preventing prices from becoming too high.

Equilibrium Price

The market price at which the quantity of a good demanded equals the quantity supplied, leading to no excess supply or shortage.

Abolished

Refers to formally putting an end to a system, practice, or institution.

Government Involvement

Refers to the activities and interventions by the government in the market to regulate or support economic operations and social policies.