On All Normal Curves the Area Between the Mean and ±

question 3

Multiple Choice

On all normal curves the area between the mean and ± 2 standard deviations will be________.

• A) about 34% of the total area.
• B) about 95% of the total area.
• C) less than 50% of the total area.
• D) about 68% of the total area.

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Definitions:

Utility Function

A mathematical representation used in economics to model the satisfaction or benefit a consumer derives from consuming goods and services.

Prices

The amounts of money required to purchase goods and services, serving as signals in an economy to allocate resources.

Income

Payment for services or from investment returns, customarily coming in at steady intervals.

Preferences

In economics, it refers to the ordering of different alternatives by individuals based on their satisfaction, utility, or happiness.