According to the Empirical Rule, How Many Observations Lie Within

question 99

Multiple Choice

According to the empirical rule, how many observations lie within +/- 1 standard deviation from the mean?​

• A) ​50%
• B) ​68%
• C) ​95%
• D) ​almost all

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Definitions:

Marginal Cost

The amount of money needed to produce one more unit of a specific good or service.

Mineral Water

Water that contains various minerals, such as salts and sulfur compounds, often sourced from a well or spring and considered beneficial to health.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers at those prices.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.