If a Particular Batch of Data Is Approximately Normally Distributed

question 108

Multiple Choice

If a particular batch of data is approximately normally distributed, we would find that approximately

• A) 4 of every 5 observations would fall between ±1.28 standard deviations around the mean.
• B) 2 of every 3 observations would fall between ±1 standard deviation around the mean.
• C) 19 of every 20 observations would fall between ±2 standard deviations around the mean.
• D) all of the above

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Definitions:

Quantity Demanded

The volume of a commodity or service that people are ready and capable of acquiring at a given price point.

Economists

Professionals who study, develop, and apply theories and concepts in economics to understand how individuals, businesses, and societies allocate resources.

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of that good that a supplier is willing to supply.

Quantity Purchased

The total number of units of a product bought by consumers at a given price level.