The Measure of Dispersion Which Sums the Absolute Values of the Differences

question 56

Short Answer

The measure of dispersion which sums the absolute values of the differences between the individual values and the mean,and then divides by the number of individual values is known as the ____________________.

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Definitions:

Rational Economics

An approach to understanding economic behavior that assumes individuals act based on logical calculations to maximize utility or profit.

Socialism

A political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Economic Theories

The body of knowledge concerning the production, consumption, and transfer of wealth, formulated as models and principles that aim to explain economic behaviors and predict outcomes.

Power Distribution

The way in which authority, influence, and resources are allocated and exercised within an organization or society.