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Standard Normal Curve (5) Econ 140 ⢠If we want to know the probability that someone earns at most $C, we are asking: Pï¨Y ï£ C ï© ï½ ? (Y ï ï ) ï£ ï¨C ï ï ï© We can (Y ï ï ) ï¨C ï ï ï© ï£ ï³ ï³ rearrange P ( Z ï£ C*) ï½ ? terms to get: where Z ï½ (Y ï ï ) ï³ â¢ Properties for the standard normal variate Z: â It is normally distributed with a mean of zero and a variance of 1, written in shorthand as Z~N(0,1) Lecture 3 22
