Find the Indicated Probability or Percentage for the Normally Distributed

question 126

Multiple Choice

Find the indicated probability or percentage for the normally distributed variable.
-The volumes of soda in quart soda bottles are normally distributed with a mean of 32.3 oz and a standard deviation of 1.2 oz. What is the probability that the volume of soda in a randomly selected
Bottle will be less than 32 oz?

• A)0.5987
• B)0.0987
• C)0.4013
• D)0.3821

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Definitions:

Price-Taker Market

A market situation where individual sellers or buyers have no power to influence the price of a product due to the product's standardized nature and the presence of many participants.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms the flexibility to adjust all inputs.

Average Cost

The total cost of production divided by the number of goods produced, serving as a measure of cost efficiency in production.

Price-Taker Market

A market situation where individual buyers or sellers have no power to influence the price at which they buy or sell goods or services.