The Typical College Freshman Spends an Average of 

question 9

Multiple Choice

The typical college freshman spends an average of  = 150 minutes per day, with a standard deviation of  = 50 minutes, on social media. The distribution of time on social media is known to be Normal. The third quartile is:

• A)183.72 minutes.
• B)0.25 minutes.
• C)116.27 minutes.
• D)0.75 minutes.

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Definitions:

Monotonic Transformation

A monotonic transformation involves a function that either entirely increases or decreases, preserving the order of the original function’s elements.

Cobb-Douglas Preferences

A utility function used in economics to represent preferences of consumers, characterized by goods being perfect substitutes or complements to some degree.

Utility Function

An expression used in economics to quantify the happiness or satisfaction gained from consuming a set of goods or services.

Consumption Bundle

A combination of different goods and services that a consumer chooses to purchase at a given time.