Gold Miners in Alaska Have Found, on Average, 12 Ounces

question 74

Multiple Choice

Gold miners in Alaska have found, on average, 12 ounces of gold per 1,000 tons of dirt excavated with a standard deviation of 3 ounces. Assume the amount of gold found per 1,000 tons of dirt is normally distributed. What is the probability the miners find between 10 and 14 ounces of gold in the next 1,000 tons of dirt excavated?

• A) 0.2514
• B) 0.4950
• C) 0.5028
• D) 0.7486

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Definitions:

Outlay

The amount of money spent on a particular item or service, serving as expenses in financial transactions or projects.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.

Capital

Economic resources that are used to create goods and services, such as buildings, machinery, and equipment.

Accounting Profit

Total revenue minus total explicit cost