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A normal distribution has a mean of 500 and a standard deviation of 50. A manager wants to simulate two values from this distribution and has drawn these random numbers: -0.6 and 1.4. What are the two values, respectively?
Product Variety
The diversity of different items a firm, industry, or economy produces, providing consumers with multiple options to satisfy their preferences.
Graph Drawing
The process of representing data visually using plots and charts to make the information easier to understand.
Consumer Surplus
The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.
Market Price
The amount for which something can currently be purchased or sold within a marketplace, reflecting supply and demand conditions.
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