Considering Sales Levels at Each Hour of Operation in a Shoe

question 70

Multiple Choice

Considering sales levels at each hour of operation in a shoe store, a business analyst finds that the mode is between 3pm and 4pm each day.The analyst could conclude that ___________.

• A)half of shoe sales occur before 3pm
• B)hourly sales of shoes are normally distributed
• C)half of shoe sales occur after 4pm
• D)3pm to 4pm has more shoe sales than other hours
• E)3pm to 4pm is when any retail business would have the most sales

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Definitions:

Budgets

Detailed plans that outline expected income and expenditures over a specific period, often used by individuals, organizations, or governments to manage finances.

Marginal Rate

The rate at which one quantity changes relative to a change in another quantity.

Substitution

The economic principle where consumers replace pricier items with less expensive alternatives when prices rise or their purchasing power decreases.

Indifference Curve

This is a graph representing different bundles of goods between which a consumer is indifferent, meaning that each combination offers the same level of utility to the consumer.