The Specific Shape of Each Normal Distribution Is Determined by Its

question 131

Multiple Choice

The specific shape of each normal distribution is determined by its _____ and _____.

• A)Mean,Standard Deviation
• B)Median,Standard Deviation
• C)Mean,Variance
• D)Median,Variance

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Definitions:

Expected Value

A calculated average of all possible values in a probability distribution, weighted by their respective chances of occurrence.

Expected Utility

The anticipated value of an outcome, calculated by multiplying the utility of the outcome by the probability of its occurrence.

Risk-averse

Characterized by the preference to avoid risk, leading individuals or entities to choose the option with the least risk when faced with uncertain outcomes.

Expected Utility

A theory in economics that calculates the anticipated utility or satisfaction from a decision under conditions of uncertainty.