The Post Office Has Established a Record in a Major

question 108

Multiple Choice

The Post Office has established a record in a major midwestern city for delivering 90 percent of its local mail the next working day. Calculate the standard deviation of the number delivered when 8 local letters are mailed.

• A) .85
• B) .72
• C) 2.68
• D) 2.83

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Definitions:

Budget Line

An illustrative depiction of every possible pairing of two items that could be bought within a set budget at unchanging prices.

Slope

A measure of the steepness or incline of a line, often calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Good A

A generic term often used in economics to describe a type of product or commodity.

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can purchase with a given budget at prevailing prices.