The probability that demand is greater than 1800 gallons over a 2 hour period is : 0.5
<u>Given data :</u>
Mean value of gasoline per hour = 875 gallons
Standard deviation = 55 gallons
<h3>Determine the probability of demand being greater than 1800 gallons over 2 hours </h3>
Demand for gas in 1 hour = X₁
Demand for gas in 2 hours = X₁ + X₂
Therefore ; ( X₁ + X₂) ~ N ( u₁+u₂, sd₁² + sd₂² )
In order to calculate probabilities for normals apply the equation below
Z = ( X- u ) / sd
where : u = 1800, sd = √ ( 55² + 55² ) = 77.78
using the z-table
P( Y > 1800) = P( Z > ( 1800 - 1800 ) / 77.78)
= P( Z>0 ) = 0.5
Hence we can conclude that The probability that demand is greater than 1800 gallons over a 2 hour period is : 0.5.
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Allocator- Price thus serves the function of allocator. First, it allocates goods and services among those who are willing and able to buy them. (As we noted in Chapter 1, the answer to the economic question “For whom to produce?” depends primarily on prices.) Second, price allocates financial resources (sales revenue) among producers according to how well they satisfy customers’ needs. Third, price helps customers to allocate their own financial resources among various want-satisfying products.
Answer:
B and C
Explanation:
The correct statements about the factor-price equalization and the effects of transportation costs are:
- Free trade, in the absence of transportation costs or other barriers to trade, tends to equalize product prices and factor prices.
- Transportation costs prevent product prices from equalizing.
Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
Explanation:
The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:
= 79,000 - 69,000
= $10,000
Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.
The Cost of Goods sold after closing out is:
= Cost of goods sold before closing out + Underapplied manufacturing overhead
= 243,000 + 10,000
= $253,000
Answer:
E
Explanation:
In this question, we are told to state what the reaction of Koka and Zola will be;
Kukla and Zola both like the proposal. As according to the given opportunity cost for Kukla (3 rugs per every 4 tables) she can get 1.5 rugs for 2 tables .But with the offer made now she can get 2 rugs for giving 2 tables.
Given the opportunity cost for Zola ( 2 tables per every 3 rugs ) she must give 3 rugs for getting 2 tables. But with the offer made she can now get 2 tables for giving away only 2 rugs .
So both Kukla and Zola are happy with the offer.
