Find the Value of a Normal Random Variable
-A Physical $386 \mathrm { sec }$

question 22

Multiple Choice

Find the Value of a Normal Random Variable
-A physical fitness association is including the mile run in its secondary-school fitness test. The time for this event for boys in secondary school is known to possess a normal distribution with a mean of 450 seconds and a standard deviation of 50 seconds. The fitness association wants to recognize the fastest 10% of the boys with certificates of recognition. What time would the boys need to beat in order to earn a certificate of recognition from the fitness association

• A) \(386 \mathrm { sec }\)
• B) \(514 \mathrm { sec }\)
• C) \(532.25 \mathrm { sec }\)
• D) \(367.75 \mathrm { sec }\)

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Definitions:

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs, measuring the profit that exceeds the next best alternative use of resources.

Short Run

A period in economics during which at least one input is fixed and cannot be changed, limiting the ability of a firm to adjust to market changes.

Fixed Inputs

Resources used in the production process whose quantity cannot easily be changed in the short run, such as buildings and machinery.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus (with all other inputs held constant).