Why Is Standard Deviation Usually Preferred to Range as a Measure

question 63

Short Answer

Why is standard deviation usually preferred to range as a measure of dispersion?

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Definitions:

Trade Barriers

Trade barriers are government-induced restrictions on international trade, including tariffs, quotas, embargoes, or stringent regulations, intended to protect domestic industries.

Special Interest Groups

Organizations or groups of individuals that advocate for specific political or policy goals.

Import Goods

Products brought into a country from abroad for sale, typically to meet domestic demand for goods that are not produced locally.

Quotas

Limitations set by a government on the amount of a specific good that can be imported or exported during a specified time frame, often used to protect domestic industries.