Answer:
0.14% probability of observing more than 4 errors in the carpet
Explanation:
When we only have the mean, we use the Poisson distribution.
In a Poisson distribution, the probability that X represents the number of successes of a random variable is given by the following formula:
In which
x is the number of sucesses
e = 2.71828 is the Euler number
is the mean in the given interval.
The number of weaving errors in a twenty-foot by ten-foot roll of carpet has a mean of 0.8.
This means that 
What is the probability of observing more than 4 errors in the carpet
Either we observe 4 or less errors, or we observe more than 4. The sum of the probabilities of these outcomes is 1. So
We want P(X > 4). Then
In which
0.14% probability of observing more than 4 errors in the carpet
Business cycle and its growth followed by economic contraction the amount of time it takes a business to produce products in the following way.
Explanation:
The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (GDP) and other macroeconomic variables.
A business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time.
Economists note, however, that complete business cycles vary in length. The duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length.
FACTORS THAT SHAPE BUSINESS CYCLES
Volatility of Investment Spending
- Variations in investment spending is one of the important factors in business cycles. Investment spending is considered the most volatile component of the aggregate or total demand (it varies much more from year to year than the largest component of the aggregate demand, the consumption spending), and empirical studies by economists have revealed that the volatility of the investment component is an important factor in explaining business cycles in the United States.
Momentum
Technological Innovations
Variations in Inventories
Fluctuations in Government Spending
Politically Generated Business Cycles
Monetary Policies
Fluctuations in Exports and Imports
