Data for a Particular Subdivision near Downtown Houston Indicate That

question 60

Multiple Choice

Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed) .What is the probability that the average price per square foot for a home is less than $108?

• A)0.152
• B)0.097
• C)0.848
• D)0.945

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Definitions:

Indifference Curves

Graphical representations showing combinations of goods that provide the consumer with the same level of satisfaction.

Max And Min Functions

Mathematical functions used to determine the maximum or minimum value within a set of numbers.

Utility Function

A mathematical representation of how consumer preferences lead to choices under conditions of scarcity.

Units Of Nuts

Measurements or quantities of nuts, often used in dietary, nutritional, or culinary contexts.