Joe's Record World Has Two Stores and Sales at Each $\sigma$

question 111

Multiple Choice

Joe's Record World has two stores and sales at each store follow a normal distribution.For store 1, = $2,000 and $\sigma$ = $200 per day; for store 2, 11ef1cb6_1812_41f9_98f1_77dedc054caf_TB1213_11 = $1,900 and $\sigma$ = $300 per day.Which store is more likely to have a day's sales in excess of $2200?

• A) Store 1
• B) Store 2
• C) Store 1 and store 2 are equally likely
• D) More information is needed

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Definitions:

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Net Benefits

The total benefits of some activity or policy less the total costs of that activity or policy.

Neoclassical Models

Economic models that emphasize rationality, individual optimization, and equilibrium, focusing on how market mechanisms allocate resources efficiently.

Behavioral Economists

Researchers who study how psychological, emotional, and social factors affect economic decision-making.