If the Average Cost of Transporting a Passenger on the Train

question 61

True/False

If the average cost of transporting a passenger on the train from Chicago to St. Louis is $75, it would be irrational for the railroad to allow any passenger to ride for less than $75.

---

Definitions:

Random Variables

Variables whose values depend on outcomes of a stochastic (random) phenomenon.

Nature

The intrinsic physical and material world all around us, not made or caused by humankind.

Normal Random Variable

A variable that follows a normal distribution, characterized by its mean and standard deviation.

Z-score

A numerical measurement that describes a value's relationship to the mean of a group of values, measured in terms of standard deviations from the mean.