1. z_bolt = 1.2

z_nut=-2.1

2. A bolt with a diameter of 18.08 mm is less than one SD of the mean.

3. It is more likely a bolt larger than 18.12 mm.

4. The bolt larger than 18.23 mm is more likely.

5. About 50% of nuts are smaller than 18 mm

6. About 95% of bolts are approximately between 17.804 mm and 18.196 mm

7. About 99.7 % of nuts are approximatelly between 17.7 mm and 18.3 mm

Step-by-step explanation:

Bolts: Mean: 18.00 mm SD: 0.10 mm

Holes: Mean: 18.70 mm SD:0.08 mm

1. Find the z-score for a Bolt of 18.12mm Nut of 18.532mm

Bolt

Hole

2. How many standard deviations away from the average is a bolt with a diameter of 18.08mm?

Because the SD is 0.1 mm, we can say that a bolt with a diameter of 18.08 mm is less than one SD of the mean (<18.10 mm).

3. Which is more likely Bolt smaller than 17.84mm Bolt larger than 18.12mm

We have to calculate the probability of both.

Bolt #1

Bolt #2

It is more likely a bolt larger than 18.12 mm.

4. Which is more likely Bolt larger than 18.23mm Nut smaller than 18.548mm

Bolt

Nut

The bolt larger than 18.23 mm is more likely.

5. About 50% of nuts are smaller than 18 mm

6. About 95% of bolts are approximately between 17.804 mm and 18.196 mm

7. About 99.7 % of nuts are approximatelly between 17.7 mm and 18.3 mm

B

Explanation:

The market system allowed business owners to amass fortunes by monopolizing the industry in which they had invested. The government had very little or no control over large businesses. Also many politicians were bought out or helped being elected by certain business owners. The workers and consumers were left unprotected from shady employers and dishonest businesses.

Factory owners grew wealthy from a system that allowed them to build their own factories. B.

Solution:

SHORT-RUN AVERAGE TOTAL COST:

Suppose Ike's bikes are currently manufacturing 200 bikes a month in its plant. In order to find the short run average total cost, since the quantity of bikes manufactured in the factory (Q)= 200 Search the average total cost in the table whose Q value is 200 (i.e. second column under average total cost) and the corresponding number of factories is 1 which is 280$.

Therefore, if Ike's bikes manufacture 200 bikes a month in its plant, the short-run estimated overall cost is $280.

LONG RUN AVERAGE TOTAL COST:

The average operating cost calculates how much of the overall cost of each unit of output is paid by the company. In the long term, a corporation would increase its income if it achieved the lowest potential overall total cost. Therefore, when deciding the size over the long term, the organization will pick the one at which the estimated net expense would be negligible.

In the long term, every company would prefer to pay the lowest potential overall operating costs. If Ike's Bikes aims to manufacture 200 bikes each month, we calculate the average cost under Q=200 (i.e. second column under average overall cost) from the above table to consider the smaller of the three values.

The smallest of the three numbers (or the lowest average long-term total cost) is $280 per wheel, which is the long-term average total cost.

In the long run, then, Ike's bikes will manufacture their 200 bikes in one factory (when Q=200, the amount of factories in the table corresponding to the estimated long-term overall production cost).

RANGE OF OUTPUT LEVELS IN WHICH IKE'S BIKES EXPERIENCE DIS-ECONOMIES OF SCALE IN LONG RUN:

Dis economies of scale is a condition in which the long-term average cost of production (LRAC) decreases with an change in per unit of products produced. Dis-economies of size exist when a product or industry expands to such an degree that costs per unit rise. Provided the first link, the rough graph demonstrates economies of production and economies of scale.

On the second attachment, graph, plot the three SRATC (Short Run Average Total Cost) curves for Ike's Bikes from the table in question. Specifically, I used the triangle symbol to plot its SRATC if it operates a single factory; used the dotted lines (diamond mark) to plot its STRATC if it operates two factories; used the square mark to plot its STRATC if it operates three factories. Finally, map the long run average total cost (LRATC) of Ike's bikes using the circle icon.

From the graph, we can see that, in the long run, Ike's bikes achieve economies of scale when the amount of bikes created is more than 400 every month.

We may also note that economies of scale are encountered where the quantity of bikes generated each month is less than 300. And a steady return to scale is felt when the amount of bikes produced is between 300 and 400 every month.

...