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 standard normal distribution refers to the case with mean Î¼ = 0 and standard. deviation Ï = 1. This is precisely the case covered by the tables of the normal. distribution. It is common to use the symbol Z to represent any random variable which. follows a normal distribution with Î¼ = 0 and Ï = 1. The normal distribution is often described in terms of its variance Ï2. Clearly Ï is. found as the square root of Ï2.