Let Z be a random variable following the standard normal distribution with mean µ = 0 and standard deviation σ = 1.
The 67th percentile of the distribution is the value z that separates the bottom 67% of the distribution from the top 100% - 67% = 33%. In terms of probability, we have
Pr[Z ≤ z] = 0.67
Use the inverse CDF for the normal distribution (or lookup z scores in a table) to find
z = ɸ⁻¹(0.67) ≈ 0.4399
where ɸ(z) is the CDF for the normal distribution.
Answer:
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The american would think of having children
In perfectly competitive markets, firms in the market in the long-run, will earn zero economic profits.
<h3>What economic profits are earned in a perfectly competitive market?</h3>
In the short-run, there is a chance to earn a positive economic profit in a perfectly competitive market but this would then attract other companies into the market to make profits as well.
This then leads to the profits disappearing thanks to increased supply and lower prices. Companies would then leave and enter to either take advantage of profits or stop losses thereby keeping economic profits at zero in the long run.
Find out more on perfectly competitive markets at brainly.com/question/15712381
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