Outliers Are Data Points That Do Not Fall in the Same

question 81

True/False

Outliers are data points that do not fall in the same general pattern as the other data points.

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Definitions:

Centered

In statistics, adjusting data values by subtracting the mean of the data set from each value to have an average of zero.

Perfect Substitute

Goods or services that can be used in exactly the same way and are considered interchangeable by the consumer.

Indifference Curve

A graph representing combinations of two goods that provide an individual with the same level of satisfaction and utility.

Convex Preferences

A situation in consumer theory where a consumer prefers combinations or mixtures of goods to extreme amounts of either good, illustrating a desire for diversified consumption.