The MPG (Miles Per Gallon) for a Certain Compact Car

question 25

Multiple Choice

The MPG (miles per gallon) for a certain compact car is normally distributed with a mean of 31 and a standard deviation of 0.8. What is the probability that the MPG for a randomly selected compact car would be less than 32?

• A)0.3944
• B)0.8944
• C)0.1056
• D)0.5596

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service relative to its market price, essentially the profit producers make.

Price Discrimination

Price discrimination occurs when a seller charges different prices for the same product or service to different customers, based on the willingness to pay, often to maximize revenue.

Oligopolist

An oligopolist is a producer or seller in an oligopoly market structure, characterized by a small number of firms dominating the market, leading to limited competition.

Prices

The plural form referring to the various amounts of money that goods or services are bought and sold for in a market.