By Computing the Binomial Mean and Variance and Using the Empirical

question 5

True/False

By computing the binomial mean and variance and using the empirical rule, one finds that the probability
of obtaining between 40 and 60 heads in 100 tosses of a fair coin is approximately 95%.

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Definitions:

Allocation

The process of distributing resources, goods, or services according to a specific plan or system.

Productivity

A measure of average output or real output per unit of input. For example, the productivity of labor is determined by dividing real output by hours of work.

Land Taxes

Taxes imposed on property owners based on the value of their land, commonly used by governments as a source of revenue.

Incentive Function

The inducement that an increase in the price of a commodity gives to sellers to make more of it available (and conversely for a decrease in price), and the inducement that an increase in price offers to buyers to purchase smaller quantities (and conversely for a decrease in price).