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A company is developing a new rocket for NASA and is concerned about the reliability of the fuel pump system. The fuel pump system has four fuel pumps (none are redundant), each with a failure probability of 0.001 over a two-hour period. Based on this data, answer the questions below.
a.What is the reliability of an individual fuel pump?
b.What is the reliability of the fuel pump system of the rocket?
Average Cost Price
The mean cost per unit of production, calculated by dividing total costs by total output.
Price
The amount of money required to purchase a good or service, reflecting its value in the marketplace.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit from the market.
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