Given That X Is a Normally Distributed Random Variable with a Mean

question 49

Multiple Choice

Given that X is a normally distributed random variable with a mean of 52 and a standard deviation of 2,the probability that X is between 48 and 56 is:

• A)0.0896
• B)0.4104
• C)0.5896
• D)0.9544

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Definitions:

Equilibrium Price

The price point at which the quantity of goods supplied equals the quantity of goods demanded, resulting in a balance between supply and demand.

Producer Surplus

The gap between the amount producers are ready to accept for a good and the actual amount they end up receiving.

Demand for Tablets

The consumer's desire and willingness to pay for tablet computers, influenced by factors such as price, technology, and consumer preferences.

Supply of Tablets

Refers to the total quantity of tablet computers that producers are willing and able to sell at a given price level in a given time period.