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.
The probability density function of the normal distribution with mean and variance (equivalently, standard deviation) is an example of a Gaussian function, (See also exponential function and pi. ). If a random variable has this distribution, we write ~ .If and, the distribution is called the standard normal distribution and the probability density function reduces to. The image to the right gives the graph of the probability density function of the normal distribution various parameter values.ome notable qualities of the normal distribution: 1  The density function is symmetric about its mean value. 2  The mean is also its mode and median. 3  68.268949% of the area under the curve is within one standard deviation of the mean.