The management at ohio national bank does not want its customers to wait in line for service for too long. the manager of a branch of this bank estimated that the customers currently have to wait an average of 8 minutes for service. assume that the waiting times for all customers at this branch have a normal distribution with a mean of 8 minutes and a standard deviation of 2 minutes. a) find the probability that a randomly selected customer will have to wait for less than 3 minutes. b) what percentage of the customers have to wait for 10 to 13 minutes? c) what percentage of the customers have to wait for 6 to 12 minutes? d) is it possible that a customer may have to wait longer than 16 minutes for service? explain.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; risk transference;

answer; the landlord can sue the renter,and the renter loses the security deposit;

answer(b) gdp is not affected by

scott's production of the jewelry box;