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.
A random variable X whose distribution has the shape of a normal curve is called a normal random variable. Normal Curve. This random variable X is said to be normally distributed with mean Î¼ and standard deviation Ï if its probability distribution is given by. `f(X)=1/(sigmasqrt(2pi))e^(-(x-mu)^2 /2\ sigma^2`.he new distribution of the normal random variable Z with mean `0` and variance `1` (or standard deviation `1`) is called a standard normal distribution. Standardizing the distribution like this makes it much easier to calculate probabilities.