A Normally Distributed Population Has a Mean of 500 and a Standard

question 20

Multiple Choice

A normally distributed population has a mean of 500 and a standard deviation of 60. Determine the probability that a random sample of size 16 selected from this population will have a sample mean less than 475.

• A) 0.3251
• B) 0.7124
• C) 0.0475
• D) 0.0712

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Definitions:

Budget Line

illustrates the combination of goods and services that a consumer can purchase with a given budget at specific prices.

Price of Food

The cost at which food items are sold to consumers, which can vary based on factors like availability, demand, and production costs.

Price of Coffee

The amount of money required to purchase a specific quantity of coffee.

Budget Line

Represents the combination of goods a consumer can purchase with a specific budget at given prices.