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A Major Cell Phone Service Provider Has Determined That the Number

question 48

Multiple Choice

A major cell phone service provider has determined that the number of minutes that its customers use their phone per month is normally distributed with a mean equal to 445.5 minutes with a standard deviation equal to 177.8 minutes. The company is thinking of charging a lower rate for customers who use the phone less than a specified amount. If it wishes to give the rate reduction to no more than 12 percent of its customers, what should the cut-off be?

Learn about the biopsychosocial approach and its importance in psychology.

Distinguish between cognitive and behavioral perspectives.

Understand the common misconceptions in psychology, including hindsight bias and overconfidence.

Grasp the importance of the empirical approach and scientific methods in psychology.

Definitions:

Accounts Payable

A liability account that records amounts a company owes to suppliers for goods or services purchased on credit.

Withdrawals

Amounts of money taken out from a business by its owner(s) for personal use, not considered business expenses.

Credit Side

The right side of an accounting ledger where increases in liabilities, equity, and income or decreases in assets and expenses are recorded.

Equipment

Tangible property used in the operation of a business that is not intended for sale, typically having a useful life longer than one year.