Dawson's Repair Service Orders Parts from an Electronic Company Who

question 67

Multiple Choice

Dawson's Repair Service orders parts from an electronic company who advertises its parts o be no more than 2% defective. What is the probability that Bill Dawson finds 2 or more parts out of a sample of 60 to be defective?

• A) 4.85%
• B) 0.49%
• C) 15.62%
• D) Almost 50%
• E) 22.96%

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Definitions:

Marginal Benefit Curve

A graphical representation showing how the benefit to consumers changes with each additional unit consumed.

Total Benefit

The entire value or advantage received from consuming a good or service.

Marginal Benefit

The increased happiness or advantage someone gets from using another unit of a certain good or service.

Marginal Benefit

The additional satisfaction or utility gained from consuming or producing one more unit of a good or service.