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From a portion of a probability distribution, you read that P(demand = 1) is 0.05, P(demand = 2) is 0.15, and P(demand = 3) is .20. The cumulative probability for demand = 3 would be which of the following?
ATC Curve
A graphical representation of the Average Total Cost, depicting how average cost of production varies with the quantity of output produced.
Efficient
Describes a process or system that achieves maximum productivity with minimum wasted effort or expense.
Economy
The system of production, distribution, and consumption of goods and services within a particular geographical area.
ATC Curve
Represents the Average Total Cost curve, showing the per-unit cost of production at different levels of output.
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