Instruction 6-4 John Has Two Jobs.For Daytime Work at a Jewelry Store

question 84

Short Answer

Instruction 6-4
John has two jobs.For daytime work at a jewelry store he is paid $15,000 per month,plus a commission.His monthly commission is normally distributed with mean $10,000 and standard deviation $2,000.At night he works as a waiter,for which his monthly income is normally distributed with mean $1,000 and standard deviation $300.John's income levels from these two sources are independent of each other.
-Referring to Instruction 6-4,the probability is 0.10 that John's commission from the jewelry store is more than how much in a given month?

Grasp the different structures and strategies used in collective bargaining.

Comprehend the alternatives to traditional work stoppages in labor disputes.

Understand the arbitration process and the authority of arbitrators in resolving labor disputes.

Understand the role and functions of mediation and arbitration services in labor relations.

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Definitions:

Law of Demand

The economic principle that there is an inverse relationship between the price of a good or service and the quantity demanded, assuming other factors are constant.

Price

The total of money envisaged, necessitated, or expended as a payment for something.

Quantity Supplied

The total amount of a specific good or service that producers are willing and able to sell at a given price over a certain period of time.

Resource Costs

The total expenses incurred in the production and acquisition of resources, including raw materials, labor, and capital.