Consider the Following to Answer the Question(s) Below

question 8

Multiple Choice

Consider the following to answer the question(s) below:
An airline has found that its flights between Toronto and Vancouver can take anywhere from 4.5 to 7.5 hours, with any time between this range being equally likely.
-What is the standard deviation?

• A) 0.75 hours
• B) 0.87 hours
• C) 6 hours
• D) 0.33 hours
• E) 0.5 hours

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Definitions:

Leftover Income

The amount of income that remains after all necessary expenses, such as bills and living costs, have been paid.

Budget Constraint

A limit on the consumption bundles that a consumer can afford given their income and the prices of goods.

Equation

A mathematical statement that asserts the equality of two expressions, usually denoted by the symbol '='.

Monthly Income

The total amount of income or earnings generated by an individual, household, or entity within a month, including all sources.