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.
Fifty percent of the distribution lies to the left of the mean and fifty percent lies to the right of the mean. The spread of a normal distribution is controlled by the standard deviation, . The smaller the standard deviation the more concentrated the data. The mean and the median are the same in a normal distribution.Chart prepared by the NY State Education Department. Reading from the chart, we see that approximately 19.1% of normally distributed data is located between the mean (the peak) and 0.5 standard deviations to the right (or left) of the mean.ifty percent of the distribution lies to the left of the mean and fifty percent lies to the right of the mean. The spread of a normal distribution is controlled by the standard deviation, . The smaller the standard deviation the more concentrated the data. The mean and the median are the same in a normal distribution.