Suppose X Is Normally Distributed, with a Mean of 75

question 116

Essay

Suppose x is normally distributed, with a mean of 75 and a standard deviation of 4. Would it be unusual to observe a value x = 59?

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Definitions:

Producer Surplus

The difference between the amount producers are willing to sell a good for and the higher price they actually receive.

Tax

A compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Area

A measure of the extent of a two-dimensional surface or shape, or the amount of space inside the boundary of a flat (2D) object.

Per-unit Burden

The cost or tax levied on each unit of a good or service.