THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 138

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey,200 top executives were asked how many hours they spend each year in community service.The data are presented below.

-What is the estimated standard deviation for this data?

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Definitions:

Efficient Input Use

Utilization of inputs in a manner that maximizes the output or minimizes the cost under given technology and constraints.

MRTS

The Marginal Rate of Technical Substitution measures the rate at which one input can be substituted for another input in the production process, while keeping output constant.

Pareto Optimality

A distribution of resources where no one can be made better off without causing detriment to at least one other person.

Utilities Possibilities Frontier

A graphical representation that shows the maximum number of goods or services that two countries can produce using their resources efficiently.