You Were Told That the Amount of Time Lapsed Between

question 1

Essay

You were told that the amount of time lapsed between consecutive trades on a foreign stock
exchange market followed a normal distribution with a mean of 15 seconds.You were also told
that the probability that the time lapsed between two consecutive trades to fall between 16 to 17
seconds was 13%.The probability that the time lapsed between two consecutive trades would
fall below 13 seconds was 7%.The probability is 20% that the time lapsed will be shorter how
many seconds?

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Definitions:

Marginal Changes

Small incremental adjustments to a plan of action, often analyzed in economics to understand the effects of slightly altering production, consumption, or investment.

Normative Economic Statements

Statements that reflect an opinion or judgment about what ought to be in the economy, focusing on what should happen or what ought to be.

Microeconomics: A Contemporary Introduction

An educational resource that provides an updated overview of the principles and applications of microeconomics.

Ceteris Paribus Assumption

The assumption used in economics that all other variables are held constant when analyzing the effect of one variable on another.