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TABLE 3-7
In a recent academic year, many public universities in the United States raised tuition and fees due to a decrease in state subsidies. The change in the cost of tuition, a shared dormitory room, and the most popular meal plan from the previous academic year for a sample of 10 public universities were as follows: $1,589, $593, $1,223, $869, $423, $1,720, $708, $1425, $922 and $308.
-Referring to Table 3-7, what is the standard deviation of the change in the cost?
Scarce
A characteristic of resources that are limited in availability, which can lead to competition for their use.
Freely Available
Resources, information, or products that can be accessed or obtained without any payment or restrictions.
Economic Choice
Economic choice involves making decisions on the allocation of scarce resources among competing needs or desires to maximize benefits and utility.
Competitive Behavior
Actions taken by companies aimed at gaining an advantage over their rivals in the market, often through price adjustments, product innovations, and marketing strategies.
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