If a $6 per unit tax is introduced in this market, then the new equilibrium quantity will be
1 answer:
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Answer:
0.000064 = 0.0064% probability that the box will contain less than the advertised weight of 466 g.
Step-by-step explanation:
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the z-score of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.
N(489,6)
This means that
What is the probability that the box will contain less than the advertised weight of 466 g?
This is the p-value of Z when X = 466. So
has a p-value of 0.000064
0.000064 = 0.0064% probability that the box will contain less than the advertised weight of 466 g.