You Have Collected Data About the Average Response Time of Participants

question 14

Multiple Choice

You have collected data about the average response time of participants in your study. You are delighted to find that the variable is normally distributed. If the mean response time is 12 seconds and the standard deviation is 4 seconds what percent of your subjects would you expect to respond in 4-20 seconds?

• A) 50%
• B) 68%
• C) 95%
• D) Unable to determine

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Definitions:

Utility Function

A mathematical representation of how different bundles of goods or services are ranked in terms of their utility or satisfaction to a consumer.

Marginal Rate of Substitution

The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility.

Good X

A symbolic term often used in economics to represent any generic commodity or product under consideration for analysis.

Units

Measurements or quantities ascertained by established standards used for trading, scientific experiments, and other purposes.