Chebysheff's Theorem States That the Percentage of Measurements in a Data

question 92

Multiple Choice

Chebysheff's Theorem states that the percentage of measurements in a data set that fall within three standard deviations of their mean is:

• A)75%.
• B)at least 75%.
• C)89%.
• D)at least 88.9%.

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Definitions:

Substitution Effect

The substitution effect describes the change in consumption patterns due to a shift in prices, leading consumers to substitute a cheaper product for a more expensive one.

Income Effects

Changes in consumers' purchasing power and consumption patterns that occur due to changes in their income, influencing how much of a product they can buy.

Indifference Curve

A graph representing different bundles of goods between which a consumer is indifferent, showing the combination of two goods that give the same level of satisfaction to the consumer.

Marginal Utility

The change in total utility a person receives from consuming an additional unit of a good or service.