Find the Z-Score Corresponding to the Given Value and Use

question 139

Multiple Choice

Find the z-score corresponding to the given value and use the z-score to determine whether the value is unusual.
Consider a score to be unusual if its z-score is less than -2.00 or greater than 2.00. Round the z-score to the nearest tenth
if necessary.
-A weight of 224 pounds among a population having a mean weight of 158 pounds and a standard deviation of 23.5 pounds.

• A) 65.8; unusual
• B) 2.8; unusual
• C) -2.8; not unusual
• D) 2.8; not unusual

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual price they receive.

Below Equilibrium Price

A situation where the price of a good or service is set lower than the market equilibrium, often leading to a shortage.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often due to externalities, monopolies, or information asymmetries.