Before a New Phone System Was Installed, the Amount a Company

question 57

Multiple Choice

Before a new phone system was installed, the amount a company spent on personal calls followed a normal distribution with an average of $500 per month and a standard deviation of $50 per
Month. Refer to such expenses as PCEʹs (personal call expenses) . Using the distribution above,
What is the probability that during a randomly selected month PCEʹs were between $375.00 and
$590.00?

• A).0421
• B).0001
• C).9999
• D).9579

Understand the implication of limited resources on market supply and firm profitability.

Grasp the long-run adjustments of firms to changes in demand, supply, and cost conditions.

Understand the concept of market equilibrium and how it is represented graphically.

Recognize the factors that can lead to shifts in market demand and supply.

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Definitions:

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