Find the Value of a Normal Random Variable

question 47

Short Answer

Find the Value of a Normal Random Variable
-The board of examiners that administers the real estate broker s examination in a certain state found that the mean score on the test was 451 and the standard deviation was 72. If the board wants to set the passing score so that only the best 80% of all applicants pass, what is the passing score Assume that the scores are normally distributed.

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Definitions:

Efficient Recycling

The process of collecting, processing, and reusing materials in the most cost-effective, environmentally friendly, and resource-efficient manner.

Scrap

Discarded waste material, especially metal suitable for reprocessing or remnants from manufacturing processes.

Welfare Losses

Economic inefficiencies that occur when there is a divergence from optimal supply and demand conditions, leading to a net loss in social welfare.

MSC

Marginal Social Cost; the total cost to society of producing an additional unit of a good, including both private costs and any external costs.