Use the Empirical Rule to Solve the Problem

question 40

Multiple Choice

Use the empirical rule to solve the problem.
-The amount of Jen's monthly phone bill is normally distributed with a mean of $73 and a standard deviation of $9. What percentage of her phone bills are between $46 and $100?

• A)95.44%
• B)99.74%
• C)99.99%
• D)68.26%

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Definitions:

Rationing Mechanism

A system or method used to distribute scarce resources or goods among consumers, often based on criteria other than price.

Market Economies

Economic systems in which supply and demand drive the production and pricing of goods and services, with minimal government intervention.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, aimed at preventing prices from reaching levels deemed too high for consumers.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level, at a specific time.