The Estimated Mean Time for an Activity with a Most

question 93

Multiple Choice

The estimated mean time for an activity with a most likely time (m) equal to 12 weeks,an optimistic time (a) equal to 9 weeks,and a pessimistic time (b) equal to 18 weeks is

• A)13.0 weeks.
• B)12.75 weeks.
• C)12.5 weeks.
• D)9.0 weeks.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.

Consumer Surplus

The gap between the price consumers are ready to offer for a good or service and the effective amount they spend on it.

Trade

The process of purchasing, vending, or trading products and services among individuals or nations.

Factor Endowments

The amount of land, labor, capital, and entrepreneurship that a country or region possesses, which determines its comparative advantage in international trade.