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An economist remarked that “the cost of consuming a book is the combination of the retail price and the opportunity cost of the time spent reading.” Isn’t the cost of consuming a book just the price you pay to buy the book? Why include the cost of the time spent reading the book in the cost of consuming the book?
Load on timber beams. Timber beams are widely used in home construction. When the load (measured in pounds) per unit length has a constant value over part of a beam, the load is said to be uniformly distributed over that part of the beam. Uniformly distributed beam loads were used to derive the stiffness distribution of the beam in the American Institute of Aeronautics and Astronautics Journal (May 2013). Consider a cantilever beam with a uniformly distributed load between 100 and 115 pounds per linear foot. What is the probability that a beam load exceeds 110 pounds per linear foot?