According to the Bureau of Labor Statistics It Takes an Average

question 135

Multiple Choice

According to the Bureau of Labor Statistics it takes an average of 22 weeks for someone over 55 to find a new job. Assume that the probability distribution is normal and that the standard deviation is two weeks. What is the probability that eight workers over the age of 55 take an average of more than 20 weeks to find a job?

• A) 0.8977
• B) 0.6777
• C) 0.7788
• D) 0.9977

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Definitions:

Price Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in its price, indicating the sensitivity of consumers or producers to price changes.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Price Elasticity Of Demand

The ratio of the percentage change in quantity demanded of a product or resource to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a product or resource.

Percentage Changes

Calculations that measure the degree of change over time, expressed as a percentage to highlight growth or decline in quantitative data.