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Demand and Supply Curves. The following relations describe demand and supply conditions in the milk industry:
where Q is quantity measured in millions of gallons and P is price in dollars.
Histogram
A type of bar graph used in statistics to represent the distribution of a dataset by showing the frequencies of different intervals of values.
Tails
Refers to the extreme ends of the distribution curve, highlighting areas of very low probability in statistical analysis.
Coefficient of Variation
A measure of relative variability that expresses the standard deviation as a proportion of the mean, commonly used to compare the degree of variation from one data series to another.
Dispersion
The degree to which a distribution is stretched or squeezed, often measured by statistics such as range, variance, or standard deviation.
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