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:

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Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.

Opportunity Cost

The value of the best alternative foregone as a result of making a decision, a fundamental concept in economics that emphasizes the cost of trade-offs.

Production Possibility Frontier

A diagram that outlines every possible maximal production scenario for various items, considering a fixed amount of resources.