On a Given Day, the Price of a Gallon of Milk

question 168

Multiple Choice

On a given day, the price of a gallon of milk had a mean price of $2.30 with a standard deviation of $0.05. A particular food store sold milk for $2.25/gallon. Interpret the z-score for this gas station.

• A) The milk price of this food store falls 1 standard deviation below the milk gas price of all food stores.
• B) The milk price of this food store falls 1 standard deviation above the mean milk price of all food stores.
• C) The milk price of this food store falls 5 standard deviations below the mean milk price of all food stores.
• D) The milk price of this food store falls 5 standard deviations above the mean milk price of all food stores.

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Definitions:

Continuing Operations

The segments or activities of a business that are expected to continue for the foreseeable future, excluding discontinued operations.

Asset Retirement Obligations

Legal obligations associated with the retirement of a tangible, long-lived asset that result from its acquisition, construction, development, or normal operations.

Financial Statements

Written records that convey the business activities and the financial performance of a company, typically including the income statement, balance sheet, and statement of cash flows.

Useful Lives

The estimated duration a tangible asset is expected to be usable for its intended purpose, influencing depreciation calculations.