A Data Set Has a Mean of 70 and a Standard

question 28

Multiple Choice

A data set has a mean of 70 and a standard deviation of 10. Which of the following might possibly be true?

• A) At least 15% of the data values are less than 40 or greater than 100.
• B) More than 90% of the data values are between 40 and 100.
• C) No more than 50% of the data values are between 50 and 90.
• D) No less than 30% of the data values are less than 50 or greater than 90.

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Definitions:

Equilibrium

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

Perfectly Inelastic

A situation where the demand or supply for a good is completely unresponsive to changes in price.

Deadweight Loss

A loss of economic efficiency that can occur when the optimal allocation of resources is not achieved, often due to market failures or government interventions.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price.