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.
In other words, the standard deviation Ï (sigma) is the square root of the variance of X; i.e., it is the square root of the average value of (X â Î¼) 2. The standard deviation of a (univariate) probability distribution is the same as that of a random variable having that distribution.he variance is the mean of these values: and the population standard deviation is equal to the square root of the variance: This formula is valid only if the eight values with which we began form the complete population.