A Sample of Assistant Professors on the Business Faculty at State

question 7

Multiple Choice

A sample of assistant professors on the business faculty at state supported institutions in Ohio revealed the mean income to be $72,000 for 9 months with a standard deviation of $3,000. Using Chebyshev's Theorem, what proportion of the faculty earns more than $66,000 but less than $78,000?

• A) At least 50%
• B) At least 25%
• C) At least 75%
• D) At least 100%

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Definitions:

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit based on the cost of production and market demand.

Firm

A business organization or entity, especially one involved in industrial or commercial activities.

Operating

Refers to the day-to-day functions, activities, and administrative tasks required to run a business or an organization.

Eighth Unit

A term that could refer to the unit in a sequence or series, specifically the one that comes eighth in order.