You Were Told That the Amount of Time Elapsed Between

question 110

Short Answer

You were told that the amount of time elapsed between consecutive trades on a foreign stock exchange market followed a normal distribution with a mean of 15 seconds.You were also told that the probability that the time elapsed between two consecutive trades to fall between 16 to 17 seconds was 13%.The probability that the time elapsed between two consecutive trades would fall below 13 seconds was 7%.The middle 60% of the time elapsed will fall between which two numbers?

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Definitions:

Open Shops

Workplaces where union membership is not required as a condition of employment.

Wage Rates

The amount of compensation paid to employees for their labor, measured per unit of time or piece of work done.

Productivity of Labor

The output per labor hour or the efficiency with which labor is utilized in the production process.

Monopsonist

An entity that is the only buyer in a market, giving it significant control over the price and terms of purchase of goods or services.