A Business Analyst Is Considering a Data Set Reflecting the Number

question 22

Multiple Choice

A business analyst is considering a data set reflecting the number of products purchased at one time, there is a mean of 159 and a standard deviation of 43.2.Given that the data set the number of products purchased for 5,791 purchases and is mound shaped, the analyst would expect 68% of the data points to be ________.

• A)between 115.8 and 202.2
• B)less than 5,791
• C)between 72.6 and 245.4
• D)greater than 61
• E)between 43.2 and 159

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Definitions:

Demand Functions

Mathematical representations that describe the relationship between the quantity demanded of a good and its determinants like price, income, and preferences.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity.

Economic Efficiency

A situation where resources are allocated in the most effective way, maximizing total benefits while minimizing waste and costs.

Competitive Markets

Markets characterized by a large number of buyers and sellers, where no single entity can influence prices significantly.