According to the Chebyshev Rule,at Least What Percentage of the Observations

question 2

Multiple Choice

According to the Chebyshev rule,at least what percentage of the observations in any data set are contained within 2 standard deviations around the mean?

• A)67%
• B)75%
• C)88.89%
• D)95%

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Definitions:

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.

Tax

A mandatory monetary contribution or different sort of tax levied on a taxpayer by a government entity to finance government expenditure and assorted public costs.

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is distorted.

Equilibrium

An economic situation in which no individual would be better off doing something different.