The Intelligence Quotient (IQ)test Scores for Adults Are Normally Distributed

question 37

Multiple Choice

The Intelligence Quotient (IQ) test scores for adults are normally distributed with a population mean of 100 and a population standard deviation of 15. What is the probability we could select a sample of 50 adults and find the mean of this sample is between 95 and 105?

• A)0.0182
• B)0.9818
• C)1.00
• D)Very unlikely

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Definitions:

Cournot Equilibrium

A situation in oligopoly markets where each firm chooses the quantity to produce to maximize its profit, assuming the quantities of its rivals are fixed.

Price Elasticity

A measure of how much the demand or supply of a product changes in response to a price change.

Cournot Equilibrium

A model of market competition in which firms choose their output levels simultaneously and independently to maximize profit with the assumption of no further entry by other firms.

Marginal Cost

Marginal cost denotes the change in the total expense incurred by a firm when its output is increased by a single unit.