A Random Sample of Size 36 Is Taken from a Population

question 110

Multiple Choice

A random sample of size 36 is taken from a population with mean 50 and standard deviation 5.Find $\mathrm { P } ( \bar { X } < 48 )$

• A).0082
• B).8330
• C).0999
• D).1389

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Definitions:

Expected Utility

A theory in economics that assesses options under uncertainty, predicting choices that maximize utility based on expected outcomes.

Marginal Utility

The added satisfaction that a consumer gains from consuming one more unit of a good or service.

Risk-averse

A characteristic of individuals or entities that prefer to avoid risk in investment choices, opting for safer, less uncertain options.

Fair Bet

A gambling term where the expected return is equal to the original stake, with no advantage for the house or the bettor.