Assume That X Is Normally Distributed with a Mean μ

question 24

Multiple Choice

Assume that X is normally distributed with a mean μ = $64. Given that P(X ≥ $75) = 0.2981, we can calculate that the standard deviation of X is approximately:

• A)$20.76.
• B)$13.17.
• C)$5.83.
• D)$7.05.

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Definitions:

Production Function

A mathematical model that describes the relationship between the inputs used in production and the output of goods or services produced.

Profit Maximization

The process in which a company calculates the most profitable pricing and production volume.

Production Function

An equation that describes the relationship between inputs used in production and the output generated from those inputs.

Factor Prices

The market prices of the inputs used in production, such as labor, capital, and land.