Gold Miners in Alaska Have Found,on Average,12 Ounces of Gold

question 108

Multiple Choice

Gold miners in Alaska have found,on average,12 ounces of gold per 1000 tons of dirt excavated with a standard deviation of 3 ounces.Assume the amount of gold found per 1000 tons of dirt is normally distributed. What is the probability the miners find between 10 and 14 ounces of gold in the next 1000 tons of dirt excavated?

• A) 0.2514
• B) 0.4972
• C) 0.5028
• D) 0.7486

Know the difference between long run and short run in economic terms.

Understand the goal of firms to maximize total revenue.

Understand the distinction between System I and System II thinking as it applies to human reasoning and decision-making.

Identify and explain the phenomenon of confirmation bias in hypothesis testing and reasoning.

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Definitions:

Genetic Diversity

The total number of genetic characteristics in the genetic makeup of a species, crucial for adaptation and survival amidst environmental changes.

Survival Fittest

A concept from evolutionary theory referring to the survival and reproduction of organisms that are best adapted to their environment.

Extinction Rate

The rate at which species become extinct, often accelerated by human activities and environmental changes.

Survival Rate

The percentage of individuals or entities that continue to exist or function over a specified period of time.