If Your Professor Tells You That the Mean of the Class

question 162

Multiple Choice

If your professor tells you that the mean of the class was 70 and the standard deviation was 2 what is the variance?

• A)6
• B)8
• C)4
• D)Cannot be determined

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Definitions:

Allocation Efficient

A distribution of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

Mutually Beneficial

A situation or agreement that provides advantages to all parties involved, ensuring that each gains from the interaction.

Transaction Costs

Expenses incurred when buying or selling a good or service, which can include fees, taxes, and other charges beyond the price of the product itself.

Complete Information

A state in which all participants in an economic transaction have full knowledge of the terms, conditions, and outcomes associated with the transaction.