The Number of Hours Per Day a College Student Spends

question 48

Multiple Choice

The number of hours per day a college student spends on homework has a mean of 6 hours and a standard deviation of 1.25 hours. Yesterday she spent 3 hours on homework. How many standard deviations from the mean is that? Round your answer to two decimal places.

• A) 1.20 standard deviations below the mean
• B) 1.20 standard deviations above the mean
• C) 2.40 standard deviations below the mean
• D) 2.40 standard deviations above the mean

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Definitions:

Competitive Industry

A market scenario where multiple firms produce similar products, leading to high levels of competition.

Short-Run Industry Supply

The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.

Total Cost Function

The total cost function is a mathematical representation that shows how total costs of production vary with changes in output level.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.