The Random Variable X Is Normally Distributed with Mean of 80

question 100

Multiple Choice

The random variable X is normally distributed with mean of 80 and variance of 36. The 67^th percentile of the distribution is:

• A)72.00.
• B)95.84.
• C)90.00.
• D)82.64.

Know the regulatory role of provincial law societies in the legal profession.

Understand the different bases on which lawyers may bill their fees.

Appreciate the conditions and implications of contingency fee agreements.

Learn the appropriate steps to address disputes over legal fees.

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Definitions:

Utility Function

A representation in economics that captures a consumer's preference by assigning a utility value to different bundles of goods.

Pareto Optimal

A condition in resource allocation where it's unachievable to improve the standing of any party without detrimentally impacting another party or criterion of choice.

Endowment

The total resources available to an individual or entity, including assets, income, and wealth.

Competitive Equilibrium

Competitive equilibrium is a market condition where supply equals demand, with no incentive for price or quantity adjustments.