Given the Table Below with Information on Lead-Time, Followed by a Set

question 8

Short Answer

Given the table below with information on lead-time, followed by a set of six random numbers, determine the average lead-time.
$$\begin{array} { c c } \underline{\text { Lead The days) }} & \underline{text { Frequency }} \\ 3 & 20 \% \\4 & 70 \% \\5 & 10 \%\end{array}$$
RANDOM NUMBERS: 90, 52, 54, 47, 56, 95

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Definitions:

Imported Units

Refer to products or goods brought into a country from another for sale or use.

Total Surplus

The combined total of consumer and producer surplus, signifying the overall net advantage to society derived from a market transaction.

Tariff Revenue

Income that a government earns from imposing tariffs on imported goods.

Domestic Consumers

Individuals or households that consume goods and services within their own country, as opposed to purchasing imported goods.