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In one region, the September energy consumption levels for single-family homes are found to be normally distributed with a mean of 1050 kWh and a standard deviation of 218 kWh. For a randomly selected home, find the probability that the September energy consumption level is between 1100 kWh and 1225 kWh.
Liquidated Damages Agreement
A contractual provision that pre-determines the amount of damages to be paid if a party breaches the agreement.
Penal
Pertaining to punishment or penalties imposed for violations of laws or regulations.
Liquidated Damages
Predetermined sum agreed upon by the parties involved in a contract to be paid as compensation in case of breach, representing an estimate of actual damages that might result from non-performance.
Unconscionable
Refers to an action or decision that is shockingly unfair or unjust, often used in legal contexts to describe contracts or practices.
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