According to the Chebyshev Rule,at Least What Percentage of the Observations

question 26

Multiple Choice

According to the Chebyshev rule,at least what percentage of the observations in any data set are contained within a distance of 2 standard deviations around the mean?

• A) 95%
• B) 67%
• C) 75%
• D) 88.89%

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Definitions:

Tax Revenue

The income that is gained by governments through taxation, critical for funding public services and infrastructure.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, often resulting in significant changes in demand when prices fluctuate.

Inelastic Supply

An instance in which a good's supplied amount remains largely unaffected by variations in its price.

Price Elastic

The responsiveness of the quantity demanded or supplied of a good to a change in its price.