What Is Equilibrium? Explain What It Means to Say Equilibrium

question 26

Essay

What is equilibrium? Explain what it means to say equilibrium is a characteristic of the model, not a state of the world.

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Definitions:

Range

The difference between the highest and lowest scores in a data set, reflecting the spread or dispersion of the scores.

Mean Deviation

The average of absolute differences between each value in a set and the mean of the set, indicating the dataset's dispersion.

Variability

The degree to which data points in a statistical distribution or data set differ from each other and from the mean.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how much the individual data points differ from the mean.