The Body Paint, an Automobile Body Paint Shop, Has Determined

question 131

Short Answer

The Body Paint, an automobile body paint shop, has determined that the painting time of automobiles is uniformly distributed and that the required time ranges between 45 minutes to 1 hours.
a.Give a mathematical expression for the probability density function.
b.What is the probability that the painting time will be less than or equal to one hour?
c.What is the probability that the painting time will be more than 50 minutes?
d.Determine the expected painting time and its standard deviation.

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Definitions:

Implicit Costs

The opportunity costs of using resources that are owned by the firm or entrepreneur for one purpose instead of another, not directly paid out in cash.

Entrepreneur's Talent

is the unique skill set, creativity, and capacity to innovate and take risks that an entrepreneur brings to the economic table, instrumental in starting and growing businesses.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs of resources.

Implicit Costs

Non-direct payments or out-of-pocket costs, representing the opportunity costs of using resources owned by the firm for its own use.