Provide an Appropriate Response $5,24,25,26,40$ If the 26 Is Replaced with 39, How Will This

question 7

Essay

Provide an appropriate response.
-The range and standard deviation of the data set below are 35 and 12.47 respectively. $5,24,25,26,40$ If the 26 is replaced with 39, how will this affect the range? How will this affect the
standard deviation. Use your answers to explain why the standard deviation is preferable
to the range as a measure of variation.

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Definitions:

Short-Run Economic Fluctuations

Variations in the pace of economic activity, typically characterized by changes in GDP, unemployment, and other indicators, happening over a short period.

John Maynard Keynes

A British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments, known for advocating increased government expenditures and lower taxes to stimulate demand and pull the global economy out of depression.

Aggregate Demand

Aggregate ask for products and services within an economy, designated at a particular all-encompassing price level throughout a specified interval.

Unemployment

Unemployment is the situation where individuals who are capable of working and are actively seeking employment are unable to find a job.