TABLE 3-4 The Ordered Array Below Represents the Number of Cargo Manifests

question 5

Short Answer

TABLE 3-4
The ordered array below represents the number of cargo manifests approved by customs inspectors of the Port of New York in a sample of 35 days:
16, 17, 18, 18, 19, 20, 20, 21, 21, 21, 22, 22, 22, 22, 23, 23, 23, 23, 24, 24, 24, 25, 25, 26, 26, 26, 27, 28, 28, 29, 29, 31, 31, 32, 32
Note: For this sample, the sum of the values is 838, and the sum of the squared differences between each value and the mean is 619.89.
-Referring to Table 3-4, the five-number summary for the data in the customs sample consists of ________, ________, ________, ________, ________.

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Definitions:

Patent

A governmental right granted to an inventor, giving the exclusive right to make, use, sell, and import an invention for a certain period of time.

Marginal Cost

The cost added by producing one additional unit of a product or service, an important concept in economics for determining the optimal level of production.

Monopolist

A single firm or entity that is the exclusive provider of a good or service, thus controlling its market price.

Lerner Indices

Measures of a firm’s market power based on the difference between price and marginal cost, normalized by the product's price.