Instruction 6.2 John Has Two Jobs. for Daytime Work at a Jewellery

question 65

Short Answer

Instruction 6.2
John has two jobs. For daytime work at a jewellery store he is paid $15,000 per month, plus a commission. His monthly commission is normally distributed with mean $10,000 and standard deviation $2,000. At night he works as a waiter, for which his monthly income is normally distributed with mean $1,000 and standard deviation $300. John's income levels from these two sources are independent of each other.
-Referring to Instruction 6.2,John's commission from the jewellery store will be between what two values symmetrically distributed around the population mean 80% of the time?

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Definitions:

Short-run Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable, often in a temporal context.

Marginal Cost

The cost of producing one additional unit of a product, which can vary as production scales up or down.

Economic Losses

Financial deficits incurred by an individual, organization, or economy stemming from events or actions that reduce wealth or resources.

Constant-cost Industry

An industry in which the input prices do not change as the industry output changes, leading to a supply curve that is perfectly elastic.