Suppose That the Time Needed to Complete a Final Examination

question 34

Essay

Suppose that the time needed to complete a final examination in a particular course is normally distributed with a mean of 60 minutes and a standard deviation of 10 minutes.
a.Use Crystal Ball to simulate 1000 test scores.
b.What is the probability of completing a test in less than 60 minutes?
c.What is the probability of completing a test between 50 minutes and 70 minutes?

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Definitions:

Isoquants

Curves on a graph that represent different combinations of factors of production that yield the same level of output.

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value, typically including land, labor, capital, and entrepreneurship.

Isoquant

An isoquant is a curve that represents all the combinations of inputs that produce the same level of output in the production process.

Slope

In mathematics and economics, it is the measure of the steepness or incline of a line, often representing the rate of change between two variables.