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i. For a normal probability distribution, about 95 percent of the area under normal curve is within plus and minus two standard deviations of the mean and practically all (99.73 percent) of the area under the normal curve is within three standard deviations of the mean. ii. The total area under the normal curve is 100%.
iii. The mean of a normal probability distribution is 500 and the standard deviation is 10.
About 95 percent of the observations lie between 480 and 520.
Advertise
The act of promoting products or services to potential customers through various media channels.
Dominant Strategy
In the context of game theory, a strategy that remains superior for a player in any game, no matter what strategies are selected by the opposing players.
High Price
A situation where the cost of a good or service is considered above the average or expected price point.
Nash Equilibrium
A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged.
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