1. The standard deviation of X in the previous problem is x-$14.33. Interpret th

Question

1. The standard deviation of X in the previous problem is x-$14.33. Interpret this value. (a) After many days, Joanna's daily revenue will be about $14.33 per day, on average. (b) After many days, Joanna's daily revenue will be less than $14.33 from the mean, on avcrage (c) After many days, Joanna's daily revenue will be $14.33 from the mean, on average d) After many days, Joanna's daily revenue will be greater than $14.33 from the mean, on average. (e) After many days, Joanna's daily revenue will vary from the previous day's revenue by S14.33, on average 8 6 7

Explanation / Answer

Standard deviation defined the deviation of the observations from the mean. Hence, the correct answer from the list is

e) After many days, Joanna's daily revenue will vary from the previous day's revenue by $14.33 on average.

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