Use the Given Values of N=93 and $\mu - 2 \sigma$

question 46

Multiple Choice

Use the given values of n=93 and p=0.24 to find the minimum value that is not significantly low, $\mu - 2 \sigma$ , and the maximum value that is not significantly high, $\mu + 2 \sigma$ Round your answer to the nearest hundredth unless otherwise noted.

• A) Minimum: 30.56 ; maximum: 14.08
• B) Minimum: 14.08; maximum: 30.56
• C) Minimum: 18.2; maximum: 26.44
• D) Minimum: -11.61 ; maximum: 56.25

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Definitions:

Profit-Maximizing

The approach a company takes to determine the most profitable pricing and output combination.

Deadweight Loss

An inefficiency in the market that occurs when supply and demand are out of balance, resulting in lost economic opportunity.

Consumer Surplus

The distinction in the collective amount consumers are disposed and financially able to spend on a product or service, and the collective amount they actually spend.

Profit-Maximizes

A strategy or behavior exhibited by firms aiming to achieve the highest possible profits by adjusting their production levels, prices, and cost structures.