THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 26

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey of high school students,it was found that the average amount of money spent on entertainment each week was normally distributed with a mean of $52.30 and a standard deviation of $18.23.Assume that these values are representative of all high school students.
-What is the probability that for a sample of 25,the average amount spent exceeds $60?

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Definitions:

Negative Externalities

Unintended and uncompensated costs imposed by one party's actions on others not involved in the transaction.

Efficiency Loss

The loss of economic efficiency that can occur when the balance between supply and demand is not achieved, leading to potential welfare loss.

Deadweight Loss

See efficiency loss.

Marginal Cost

The increase in expenditure incurred from making one more unit of a product or service.