Determine Which Score Corresponds to the Higher Relative Position

question 146

Multiple Choice

Determine which score corresponds to the higher relative position.
-Which is better: a score of 82 on a test with a mean of 70 and a standard deviation of 8, or a score of 82 on a test with a mean of 75 and a standard deviation of 4?

• A) The first 82
• B) The second 82
• C) Both scores have the same relative position.

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Definitions:

Profit-Maximizing

The process by which a company determines the price and output level that returns the greatest profit.

Competitive Firm

A firm that operates in an environment where no single firm can influence the market price of its product.

Marginal Product

It refers to the increase in output that arises from an additional unit of input, highlighting the incremental gains in production.

Marginal Profit

Marginal profit is the increase in profit that results from selling an additional unit of a product or service.