A Sample of Five Full Service Gasoline Stations,each Carrying Three

question 64

Short Answer

A sample of five full service gasoline stations,each carrying three grades of gasoline,was taken and the price per liter (to the nearest cent)was recorded for each grade of gasoline,as shown in the table below. For Unleaded Plus gas,which measure of central location would not be appropriate to use? ____________.

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that a society can produce with existing resources and technology, underlining the concept of opportunity cost.

Consumer Goods

Goods produced for direct consumption by the end customer, as opposed to goods used in the production of other goods.

Capital Goods

Physical assets that are used in the production of other goods and services and have a life expectancy of more than one year.

Production Possibilities Curve

A graphical representation that shows the maximum number of goods or services that can be produced efficiently with limited resources.