THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 290

Essay

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 between 452 and 548?

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.

Productive Advantage

Occurs when a country, business, or individual produces a good or service at a lower opportunity cost than competitors, leading to more efficient production.

Comparative Advantage

The capacity of a person, business, or nation to create a product or offer a service with a lesser opportunity cost compared to its rivals.

Production

The process of creating goods and services through the combination of labor, materials, and technology.