The College Student Journal (December 1992)investigated Differences in Traditional and Nontraditional

question 101

Multiple Choice

The College Student Journal (December 1992) investigated differences in traditional and nontraditional students,where nontraditional students are defined as 25 years old or older and working.Based on the study results,we can assume the population mean and standard deviation for the GPA of nontraditional students is µ = 3.5 and σ = 0.5.Suppose a random sample of 100 nontraditional students is selected and each student's GPA is calculated.What is the probability that the random sample of 100 nontraditional students has a mean GPA greater than 3.42?

• A).0548
• B).4364
• C).9452
• D).5636

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Definitions:

AVC

The variable cost for each unit of production, known as Average Variable Cost.

AFC

Stands for Average Fixed Cost, which is the fixed costs divided by the quantity of output produced, illustrating how fixed costs spread over units decrease as quantity increases.

MR

An abbreviation for Marginal Revenue, which refers to the additional revenue earned by selling one more unit of a good or service.

MC

Stands for Marginal Cost, which is the increase in total cost that arises from producing one additional unit of a good or service.