The Mean Income of All MBA Degree Holders Working in Los

question 53

Multiple Choice

The mean income of all MBA degree holders working in Los Angeles is $86,000 per year and the standard deviation of their incomes is $10,500 per year.According to Chebyshev's theorem,the percentage of MBA degree holders,working in Los Angeles,with an annual income of $49,250 to $122,750 is at least::

• A)91.84
• B)86.39
• C)87.34
• D)93.84

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative foregone when a decision is made to choose one option over another.

Optimum

Refers to the best or most favorable condition, value, or level of something.

Budget Constraint

A budget constraint represents the combination of goods and services that a consumer can purchase with their limited income.

Indifference Curves

In consumer theory, a graph showing combinations of goods or services among which a consumer is indifferent, reflecting preferences.