I the Empirical Rule States That About 68% of the Observation

question 25

Multiple Choice

i. The Empirical Rule states that about 68% of the observation will lie within one standard deviation of the mean;
Ii) about 95% of the observations will lie within two standard deviations of the mean;
Iii) and virtually all (99.7%) will lie within three standard deviations of the mean.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements, but not (i).
• E) All statements are false

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Definitions:

Price of Good

The amount of money required to purchase a specific product or service.

Affordable Consumption Options

Economically accessible choices available to consumers for goods and services within their budget constraints.

Indifference Curves

A graph representing different bundles of goods between which a consumer is indifferent, showing preferences and trade-offs.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute a product with a cheaper alternative.