A Randomly Selected Value from a Normal Distribution Is Found

question 113

Multiple Choice

A randomly selected value from a normal distribution is found to be 2.1 standard deviations above its mean.What is the probability that a randomly selected value from the distribution will be greater than 2.1 standard deviations above the mean?

• A)0.0179
• B)0.0512
• C)0.0231
• D)0.0024

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Definitions:

Optimal Scale

The size of a company or factory at which the costs of production are minimized and productivity is maximized.

Long-run Equilibrium

A state in economic analysis where all inputs can be adjusted, market supply meets demand, and all firms in the market earn normal profit, indicating no entry or exit from the industry.

Low Point

Refers to the lowest level or value that something can reach, often used in the context of prices, rates, or economic indicators.

Average Total Cost Curve

A graphical representation showing how the total cost per unit of output varies with the level of output, typically U-shaped due to economies and diseconomies of scale.