The Mean of a Normally Distributed Group of Weekly Incomes

question 56

Multiple Choice

The mean of a normally distributed group of weekly incomes of a large group of executives is $1,000 and the standard deviation is $100. What is the z-score for an income of $1,100?

• A) 1.00
• B) 2.00
• C) 1.683
• D) -0.90
• E) None of the choices are correct

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Definitions:

Cost Savings

The reduction in costs achieved through efficient management, production processes, or other savings strategies.

Product Design

The process of ideating, creating, and iterating products that solve users' problems or address specific needs in a given market.

Target Percentage Margin

A financial metric that estimates the desired profit margin a company aims for in setting prices for its products or services.

Value-Added Activities

Operations or processes that increase the worth of a product or service to the consumer, thereby enhancing its value.