Suppose the Distribution of Personal Daily Water Usage in New

question 74

Multiple Choice

Suppose the distribution of personal daily water usage in New York City is normally distributed with a mean of 15 gallons and a variance of 25 gallons. Because of a current problem with the distribution of water to its citizens, the mayor wants to give a city tax rebate to the 15 percent of the population who use the least amount of water. What should he use as the water limit for a person to qualify for a city tax rebate?

• A) 9.818
• B) 15.00
• C) 12.20
• D) 10.25

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Definitions:

Economic Growth

A growth in an economy's ability to generate goods and services over different time intervals.

Technology Used

Refers to the tools, machines, and techniques utilized to solve problems or improve conditions in various fields.

Equilibrium Price

Equilibrium price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a balanced market.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where demand equals supply.