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The systolic blood pressures of the patients at a hospital are normally distributed with a mean of 138 mm Hg and a standard deviation of 12.8 mm Hg. Find the two blood pressures having these properties: the mean is midway between them and 90% of all blood pressures are between them.
Efficiency
A measure of how well resources are used to achieve a goal, maximizing output from given inputs without waste.
Equity
The concept of fairness or justice, often discussed in the distribution of wealth, or the ownership interest in a firm.
Perfectly Competitive System
A market structure where many firms offer products or services that are similar, leading to a high level of competition and prices that reflect the true supply and demand.
Allocation of Resources
The process of assigning available resources, both human and material, to specific uses to satisfy the needs and wants of a society.
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