According to the Empirical Rule, If the Data Form a "Bell-Shaped

question 5

Multiple Choice

According to the empirical rule, if the data form a "bell-shaped" normal distribution, _______
Percent of the observations will be contained within 2 standard deviations around the arithmetic
Mean.

• A) 68.26
• B) 88.89
• C) 93.75
• D) 95.44

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Definitions:

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, highlighting combinations that provide the same level of utility to the consumer.

Total Utility

The total gratification or enjoyment a customer receives from using a specific amount of products or services.

Marginal Rate

The increase or decrease in a unit of an outcome resulting from a one unit change in another variable.

Substitution

The economic principle whereby consumers replace more expensive items with less costly alternatives, or firms use different inputs in their production process.