Scores on a Test Are Normally Distributed with a Mean $P _ { 81 } ,$

question 22

Multiple Choice

Scores on a test are normally distributed with a mean of 63.2 and a standard deviation of 11.7 . Find $P _ { 81 } ,$ which separates the bottom 81% from the top 19% .

• A) 0.291
• B) 73.5
• C) 0.88
• D) 66.6

Describe how the elasticity of demand and supply affects the burden of a tax.

Understand the Laffer curve and its implications for setting tax rates.

Evaluate the impact of specific taxes on behavior and market outcomes.

Understand how the elasticity of supply and demand influences the burden of an excise tax.