Choosing to Study for an Exam Until the Extra Benefit

question 83

Multiple Choice

Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is

• A) not rational.
• B) an application of the cost-benefit principle.
• C) an application of the scarcity principle.
• D) the relevant opportunity cost.
• E) less desirable than studying for the entire evening.

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Definitions:

Z

Often referred to as the Z-score, which is a statistical measure that describes a value's relationship to the mean of a group of values.

Normal Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range, characterized by its bell-shaped curve, symmetric about the mean.

Standard Deviation

A statistical metric that quantifies the dispersion or variability of a dataset relative to its mean.

Mean

The average of a set of numbers, calculated by dividing the sum of the values by the number of values.