Professor Elderman Has Given the Same Multiple-Choice Final Exam in His

question 7

Multiple Choice

Professor Elderman has given the same multiple-choice final exam in his Principles of Microeconomics class for many years. After examining his records from the past 10 years, he finds that the scores have a mean of 76 and a standard deviation of 12. What is the probability that a class of 36 students will have an average greater than 70 on Professor Elderman's final exam?

• A) 0.0014
• B) 0.3085
• C) 0.6915
• D) 0.9986

---

Definitions:

Activity-based Costing

A costing methodology that assigns overhead and indirect costs to specific activities, enhancing costing accuracy.

Haircut Cost

A term often used in finance to describe a reduction applied to the value of an asset for the purpose of calculating capital requirements, or margin loans.

Factory Overhead

All indirect costs associated with the manufacturing process, including utilities, maintenance, and depreciation of production equipment, but excluding direct materials and direct labor.

Desk Lamps

Portable, adjustable lamps designed to provide light for a desk or work area, often used in offices or study spaces.