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Professors at a local university earn an average salary of $80,000 with a standard deviation of $6,000. The salary distribution is approximately bell-shaped. Because of budget limitations, it has been decided that only those whose salaries are approximately in the bottom 2.5% would get a raise. What is the maximum current salary that qualifies for the raise?
Gasoline Expenditures
The total amount of money spent by consumers on gasoline, encompassing both retail purchases for vehicles and other uses.
Public Transportation
A system of vehicles such as buses, trains, and subways, provided by the government or private companies, for the purpose of transporting large numbers of people.
Cross-price Elasticity
Measures the responsiveness of the demand for one good to a change in the price of another good.
Grape Harvest
The process of collecting grapes from the vineyards, usually seasonal and significant for wine production.
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