In 2007, the Mean Price Per Pound of Lobster in New

question 55

Multiple Choice

In 2007, the mean price per pound of lobster in New England was $11.48 and the standard deviation was $2.12. A histogram of the data shows that the distribution is symmetrical. A local New England grocer is selling lobster for $8.99 per pound. What is this price in standard units? Assuming the Empirical Rule applies, would this price be considered unusual or not? Round to the
Nearest hundredth.

• A) \( z=1.17 ; \) This is unusually expensive lobster.
• B) \( z=1.17 \); This price would not be unusual.
• C) \( z=-1.17 \); This is unusually inexpensive lobster.
• D) \( z=-1.17 \); This price would not be unusual.

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Definitions:

Environmental Uncertainty

The degree to which future states of the environment are unpredictable, impacting an organization's decision-making processes.

Levels of Uncertainty

Different degrees of unpredictability or lack of information about future events or outcomes.

Top Executives

Individuals who hold the highest level positions in organizations, responsible for making strategic decisions.

Organization's Environment

External factors, including economic, legal, technological, and social influences, that affect an organization’s performance and operations.