A Company Is Reviewing the Database of Customer Purchases Over

question 1

Multiple Choice

A company is reviewing the database of customer purchases over the past 3 years.Using descriptive statistics on this large data set, a business analyst found the following values. $$\begin{array} { | l | l | l | l | l | l | l | l | } \hline \text { Variable } & \text { Court } & \text { Mearl } & \text { MinirmurI } & \text { Ql } & \text { Mediar } & \text { Q3 } & \text { Maxirnuri } \\\hline \text { Purdhases } & 56,472 & 105.21 & 10.24 & 31.09 & 74.88 & 117.23 & 201.40 \\\hline\end{array}$$ From this we can conclude that,

• A)68% of these purchases are between $105.24 and $74.88
• B)The distribution of these purchases is negatively skewed
• C)50% of these purchases are between $105.21 and $117.23
• D)50% of these purchases are less than $105.24
• E)More of these purchases were below the mean than above the mean

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Definitions:

Feedback

Information provided about the outcome of a process or performance of a task, intended as a basis for improvement.

Consumer Surplus

The split between the comprehensive sum consumers are prepared to offer for a good or service and the sum they truly pay.

Demand Curve

A graphical representation that illustrates the relationship between the price of a good and the quantity of it that consumers are willing to buy.

Equilibrium Price

The price at which the quantity of goods suppliers are willing to sell equals the quantity consumers are willing to buy, leading to a balance of demand and supply.