The Precision Scientific Instrument Company Manufactures Thermometers That Are Supposed $\mathrm { Q } _ { 3 }$

question 165

Multiple Choice

The Precision Scientific Instrument Company manufactures thermometers that are supposed to give readings of 0°C at the freezing point of water. Tests on a large sample of these thermometers reveal that at the freezing point of water, some give readings below 0°C (denoted by negative numbers) and some give readings above 0°C (denoted by positive numbers) . Assume that the mean reading is 0°C and the standard deviation of the readings is 1.00°C. Also assume that the frequency distribution of errors closely resembles the normal distribution. A thermometer is randomly selected and tested. Find the temperature reading corresponding to the given information.
-Find $\mathrm { Q } _ { 3 }$ , the third quartile.

• A) \(- 1.3 ^ { \circ }\)
• B) \(0.67 ^ { \circ }\)
• C) \(0.53 ^ { \circ }\)
• D) \(0.82 ^ { \circ }\)

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Definitions:

Pure Monopsonist

A market condition where there is only one buyer for a product or service.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production.

Marginal Expenditure

The supplementary cost resulting from acquiring an extra unit of a good or service.

Economic Rent

Economic rent is the excess payment made to or received by a factor of production over and above what would have been needed to bring that factor into production.