Given That the Random Variable X Is Normally Distributed with a Mean

question 28

Multiple Choice

Given that the random variable X is normally distributed with a mean of 80 and a standard deviation of 10,P(85 X 90) is

• A)0.5328.
• B)0.3413.
• C)0.1915.
• D)0.1498.

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Definitions:

Efficient Allocation

The optimal distribution of resources among competing uses, aiming to maximize the overall benefit or utility from those resources.

Government Failure

A situation where government intervention in the economy causes inefficiencies or leads to an allocation of resources worse than the free market.

Competitive Markets

Markets where multiple sellers and buyers interact under the principles of supply and demand to determine prices and output without significant restrictions or monopolies.

Property Rights

Legal rights to possess, use, and dispose of assets such as land, buildings, or intellectual property.