Since a ratio is always computed from two numbers, either of two cases may be encountered when averaging ratios. When all the ratios have the same base in the denominator, the arithmetic mean of the ratios should be used. In each case, also find the arithmetic mean. A firm wishes to set a production standard for a group of workers, all paid the same hourly wage, to determine what a proper piece-rate payment would be. To set the standard, the firm wishes to find the average time it takes to produce a unit of product.
All workers work an eight-hour shift and the output of each is recorded.
Bayes Theorem, pp. Just do part a. Suppose a retired major league baseball player had a lifetime batting average of .300. Suppose he dresses in the morning when it is still dark. There are eight people in an office which is having an annual Christmas party.