The figure above shows the demand and supply curves for high-skilled (indicated by an "H" subscript) and low-skilled (indicated by an "L" subscript) workers.
-In the figure above,if the cost of acquiring the skill decreased,then the
Definitions:
Normal Populations
Refers to groups whose underlying distribution follows a normal (Gaussian) distribution, characterized by a symmetric bell-shaped curve.
Confidence Interval
A set of values, taken from data samples, which is predicted to include the value of an unspecified population attribute.
Standard Deviation
Standard deviation is a statistical measure of the dispersion or variability within a data set, indicating how much individual data points deviate from the mean.
Normal Distribution
A bell-shaped frequency distribution curve that is symmetric about the mean, showing that data near the mean are more frequent in occurrence.
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