Quick Answer. Price takers in economics accept the market price as is with no power to change the price due to substitution effects, according to Living Economics. Demand for price takers is inelastic, denoting the relationship between marginal revenue and price. Continue Reading.
The standard deviation of a random variable, statistical population, data set, or probability distribution is the square root of its variance. It is algebraically simpler, though in practice less robust, than the average absolute deviation.his means that most men (about 68%, assuming a normal distribution) have a height within 3 inches of the mean (67â73 inches) â one standard deviation â and almost all men (about 95%) have a height within 6 inches of the mean (64â76 inches) â two standard deviations.
Statistics For Dummies, 2nd Edition. If a statistical data set has a normal distribution, it is customary to standardize all the data to obtain standard scores known as z-values or z-scores. The distribution of z-values takes on a standard normal distribution (or Z-distribution). The standard normal distribution is a special normal distribution with a mean equal to 0 and a standard deviation equal to 1. A standard normal (Z-) distribution has a bell-shaped curve with mean 0 and standard deviation 1. The standard normal distribution is useful for examining the data and determining statistics like percentiles, or the percentage of the data falling between two values.