On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price.

Problem 1c. Taking a closer look of this dataset, it seems that the lamps on Projector 2 have consistently longer lives than the lamps on the other two projectors. As a reliability engineer, what’s your suggestion for further investigation based on this suspicion? Please use the discussions in the composite material case study to suggest reliability analysis and comparison tools. (10 points)

Figure 3-8 ​ ​ ​ Refer to Figure 3-8. A price of $5 will result in a ___________________ in this market which will cause the price of the product to gravitate _______________.

10. For a Weibull distribution with its shape parameter being 2 and characteristic life being 100, what is its 10% percentile, or L10 life?

Figure 3-6 ​ ​ ​ Refer to Figure 3-6. If D1 is the relevant demand curve, a decrease in the price of good X may cause

In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this?

The market demand curve for a given product may be downward sloping even if no person in that market has a downward sloping demand curve.

Figure 3-7 ​ ​ ​ Refer to Figure 3-7. If S1 is the relevant supply curve, a decrease in the price of a resource that is necessary for the production of good X causes

Problem 1b. Assume failure times follow an exponential distribution. Estimate the failure rate value and calculate the probability of a lamp having a life longer than 400 hours. (10 points)

Problem 3. Multiple Choice (40 points) 1. We define a reliability function by using