Exhibit 5-8 the Random Variable X Is the Number of Occurrences of Occurrences

question 31

Multiple Choice

Exhibit 5-8
The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two-time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3.
-Refer to Exhibit 5-8. The probability that there are 8 occurrences in ten minutes is

• A).0241
• B).0771
• C).1126
• D).9107

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Definitions:

Fully Employed

A situation in which all available labor resources are being used in the most economically efficient way.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs and technology, assuming efficient use of resources.

Decreasing Opportunity Costs

A situation where the cost of forgoing the next best alternative decreases as more units of a product are produced.