In a Marketing Class of 60 Students, the Mean and the Standard

question 101

Multiple Choice

In a marketing class of 60 students, the mean and the standard deviation of scores was 70 and 5, respectively. Use Chebyshev's theorem to determine the number of students who scored less than 60 or more than 80.

• A) At least 45
• B) At most 15
• C) At most 45
• D) At least 15

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Definitions:

Firm's Willingness

Firm's willingness refers to a company's readiness or inclination to engage in certain activities, such as investing, producing, or changing pricing strategies, based on expected outcomes.

Producer Surplus

The difference between the market price for a good or service and the lowest price at which producers would still sell it.

Reports

Documents that present data, findings, and analysis on various subjects, often used in business and research to inform decisions.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.