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A supermarket has determined that daily demand for egg cartons has an approximate mound-shaped distribution, with a mean of 55 cartons and a standard deviation of 6 cartons.
a. For what percentage of days can we expect the number of cartons of eggs sold to be between 49 and 61?
b. For what percentage of days can we expect the number of cartons of eggs sold to be more than 2 standard deviations from the mean?
c. If the supermarket begins each morning with a stock of 77 cartons of eggs, for what percentage of days will there be an insufficient number of cartons to meet the demand?
Parallel Shift
occurs when a graph's curve moves left or right without changing its shape, often used in reference to demand or supply curves.
Relative Prices
The price of one good or service compared to another, reflecting its scarcity or value in exchange.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, highlighting the trade-offs in consumption preferences.
Total Utility
The total satisfaction received from consuming a particular quantity of goods or services.
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