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  • For the following problems, recall that value = mean + (#ofSTDEVs)(standard deviation) . Verify the mean and standard deviation or a calculator or computer.
  • For a sample: x = x ¯ + (#ofSTDEVs)( s )
  • For a population: x = μ + (#ofSTDEVs)( σ )
  • For this example, use x = x ¯ + (#ofSTDEVs)( s ) because the data is from a sample

  1. Verify the mean and standard deviation on your calculator or computer.
  2. Find the value that is one standard deviation above the mean. Find ( x ¯ + 1s).
  3. Find the value that is two standard deviations below the mean. Find ( x ¯ – 2s).
  4. Find the values that are 1.5 standard deviations from (below and above) the mean.
    • Clear lists L1 and L2. Press STAT 4:ClrList. Enter 2nd 1 for L1, the comma (,), and 2nd 2 for L2.
    • Enter data into the list editor. Press STAT 1:EDIT. If necessary, clear the lists by arrowing up into the name. Press CLEAR and arrow down.
    • Put the data values (9, 9.5, 10, 10.5, 11, 11.5) into list L1 and the frequencies (1, 2, 4, 4, 6, 3) into list L2. Use the arrow keys to move around.
    • Press STAT and arrow to CALC. Press 1:1-VarStats and enter L1 (2nd 1), L2 (2nd 2). Do not forget the comma. Press ENTER.
    • x ¯ = 10.525
    • Use Sx because this is sample data (not a population): Sx=0.715891
  1. ( x ¯ + 1s) = 10.53 + (1)(0.72) = 11.25
  2. ( x ¯ – 2 s ) = 10.53 – (2)(0.72) = 9.09
    • ( x ¯ – 1.5 s ) = 10.53 – (1.5)(0.72) = 9.45
    • ( x ¯ + 1.5 s ) = 10.53 + (1.5)(0.72) = 11.61
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On a baseball team, the ages of each of the players are as follows:

21; 21; 22; 23; 24; 24; 25; 25; 28; 29; 29; 31; 32; 33; 33; 34; 35; 36; 36; 36; 36; 38; 38; 38; 40


Use your calculator or computer to find the mean and standard deviation. Then find the value that is two standard deviations above the mean.

μ = 30.68

s = 6.09
( x ¯ + 2 s ) = 30.68 + (2)(6.09) = 42.86.

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Explanation of the standard deviation calculation shown in the table

The deviations show how spread out the data are about the mean. The data value 11.5 is farther from the mean than is the data value 11 which is indicated by the deviations 0.97 and 0.47. A positive deviation occurs when the data value is greater than the mean, whereas a negative deviation occurs when the data value is less than the mean. The deviation is –1.525 for the data value nine. If you add the deviations, the sum is always zero . (For [link] , there are n = 20 deviations.) So you cannot simply add the deviations to get the spread of the data. By squaring the deviations, you make them positive numbers, and the sum will also be positive. The variance, then, is the average squared deviation.

The variance is a squared measure and does not have the same units as the data. Taking the square root solves the problem. The standard deviation measures the spread in the same units as the data.

Notice that instead of dividing by n = 20, the calculation divided by n – 1 = 20 – 1 = 19 because the data is a sample. For the sample variance, we divide by the sample size minus one ( n – 1). Why not divide by n ? The answer has to do with the population variance. The sample variance is an estimate of the population variance. Based on the theoretical mathematics that lies behind these calculations, dividing by ( n – 1) gives a better estimate of the population variance.

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In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
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When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
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Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
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Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
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it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
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In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
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Answer
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c
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the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
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suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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