Let the Random Variable Z Follow a Standard Normal Distribution

question 31

Multiple Choice

Let the random variable Z follow a standard normal distribution.Find the value k,such that P(-0.62 < Z < k) = 0.43.

• A)0.20
• B)0.52
• C)0.12
• D)0.56

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Definitions:

Inelastic Demand

A situation where the demand for a good or service is not significantly affected by changes in its price.

Downward-Sloping

A term often used to describe demand curves, indicating that as the price decreases, the quantity demanded increases.

Linear Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded, characterized by a consistent negative slope.

Elastic Demand

A demand relationship in which the percentage change in quantity demanded is larger than the percentage change in price in absolute value (a demand elasticity with an absolute value greater than 1).