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.
Figure 1. Normal distribution with a mean of 50 and standard deviation of 10. 68% of the area is within one standard deviation (10) of the mean (50). Figure 2 shows a normal distribution with a mean of 100 and a standard deviation of 20.As in Figure 1, 68% of the distribution is within one standard deviation of the mean.Figure 2.igure 3 shows a normal distribution with a mean of 75 and a standard deviation of 10. The shaded area contains 95% of the area and extends from 55.4 to 94.6. For all normal distributions, 95% of the area is within 1.96 standard deviations of the mean.