The short-run average total cost of Ike's Bikes of producing 100 bikes is $360.
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What is the short-run average total cost ?</h3>
The short-run is a production period where some of the factors used in the production process are fixed and others are variable. The short-run average total cost is the total cost divided by total output. Total cost is the sum of fixed cost and variable cost.
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Free trade refers to a condition in which a country does not attempt to limit what its citizens can buy from or sell to another country.
<h3>Free trade</h3>
They can extend new markets, increase gross domestic product, and invite new acquisitions.Countries must negate the domestic advantages of free trade agreements with their results.
Under a free trade policy, goods and services can be purchased and sold across international borders with little or no government tariffs, quotas, grants, or prohibitions to inhibit their exchange. The idea of free trade is the opposite of economic isolationism.
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Answer:
1.1%
Explanation:
Calculation to determine what the probability of the next purchase order having an error is using
an empirical probability
Using this formula
Probability=Purchase orders errors/Purchase orders filled
Let plug in the formula
Probability=1100/100000
Probability=0.011*100
Probability=1.1%
Therefore using an empirical probability the probability of the next purchase order having an error is 1.1%
