The Mean Amount Spent by a Family of Four on Food

question 119

Multiple Choice

The mean amount spent by a family of four on food per month is $500 with a standard deviation of $75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than $410 per month?

• A) 0.2158
• B) 0.8750
• C) 0.0362
• D) 0.1151

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Definitions:

Nash Equilibrium

A concept within game theory where no participant can gain by unilaterally changing their strategy if the strategies of the other participants remain unchanged.

Elastic Demand

A situation where the demand for a good or service significantly changes in response to changes in price.

Price Differentials

The differences in the price of the same or similar products in different markets or geographical locations.

Cooperative Behavior

Actions taken by individuals or groups that are intended to benefit others or achieve a common goal, often involving collaboration and mutual support.