Figure 7-3 
-Refer to Figure 7-3.Suppose the prevailing price is P1 and the firm is currently producing its loss-minimising quantity.Identify the area that represents the loss.
Definitions:
Standard Normal Distribution
A specific probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.
Z-score
A metric that depicts how far a certain value stands from the mean of a collection of values, using the unit of standard deviations for measurement.
First Quartile
The value below which 25% of the data falls, marking the lower quarter of a data set.
Quartile
A type of quantile that divides a rank-ordered dataset into four equal parts.
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