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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A set of data is mounded,with a mean of 500 and a variance of 576.
-Approximately what proportion of the observations is less than 548?
Labor
The contribution of human physical and mental energies in the fabrication of goods and the supply of services.
Technological Change
The development and application of new processes, tools, and machines, leading to more efficient production methods.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.
Marginal Product
The additional output that is produced by adding one more unit of a specific input while holding all other inputs constant.
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