Instruction 6.8 A Company Has 125 Personal Computers. the Probability That Any

question 116

Short Answer

Instruction 6.8
A company has 125 personal computers. The probability that any one of them will require repair on a given day is 0.15.
-Referring to Instruction 6.8 and assuming that the number of computers that requires repair on a given day follows a binomial distribution,compute the probability that there will be at least 25 computers that require repair on a given day using a normal approximation.

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Definitions:

Absolute Advantage

The ability of an individual, company, or country to produce more of a good or service with the same amount of resources as others.

Production Possibilities

Production possibilities involve the various combinations of different goods or services that can be produced in a given economy with available resources and technology, illustrated by the production possibilities frontier.

Production Possibilities Curve

A graphical representation that shows the various combinations of two products that an economy can produce using all its resources efficiently.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, due to the scale of operation increasing.