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In Exercise 4.66, what should the mean diameter be in order that the fraction of bearings scrapped be minimized?
Exercise 4.66
A machining operation produces bearings with diameters that are normally distributed with mean 3.0005 inches and standard deviation .0010 inch. Specifications require the bearing diameters to lie in the interval 3.000}.0020 inches. Those outside the interval are considered scrap and must be remachined. With the existing machine setting, what fraction of total production will be scrap?
a Answer the question, using Table 4, Appendix 3.
b Applet Exercise Obtain the answer, using the applet Normal Probabilities.
Use the data above to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy Is the equilibrium real output also necessarily the full-employ..
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how total revenue will be impacted by the increase in price?
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Arrow now sells 100,000 silk shirts at $100 each. The material per shirt costs $40 and labor costs are $50 per shirt. The firm has $1.2m. in fixed costs. Price elasticity of demand for such shirts is -4. The firm is considering lowering the price ..
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