The Population of Lengths of Aluminum-Coated Steel Sheets Is Normally

question 30

Multiple Choice

The population of lengths of aluminum-coated steel sheets is normally distributed with a mean of 30.05 inches and a standard deviation of .2 inches. What is the probability that a sheet selected at random from the population is between 29.75 and 30.5 inches long?

• A) .4332
• B) .4878
• C) .0546
• D) .9210

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Definitions:

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Allocative Efficiency

A state of the economy where resources are distributed according to consumer preferences in a way that maximizes overall welfare.

Productive Efficiency

A situation in which an economy or a production process can no longer produce more of one good without sacrificing the production of another good and occurs at any point on the production possibility frontier.

Product Variety

The range of different products or services offered by a company or available in a market.