From Past History, the Scores on a Statistics Test Are

question 27

Essay

From past history, the scores on a statistics test are normally distributed with a mean score of 70 and a standard deviation of 5. To earn a "C" on the test, a student must be in the top 25% of the class. A student would need to score at least ______ to receive a "C" grade.

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Definitions:

Direct Labor

The labor costs directly tied to the production of goods or the provision of services.

Variable Costs

Expenses that vary directly with the production output or activity levels.

Break-Even Sales

The amount of revenue needed to cover total costs, at which point a business neither makes a profit nor incurs a loss.

Margin of Safety

Represents the difference between actual or planned sales and the break-even sales, indicating the amount by which sales can drop before the business incurs a loss.