A Measure of Variability Is a Numerical Index

question 22

Multiple Choice

A measure of variability is a numerical index:

• A) of the central tendency of the data values in a set of data
• B) that indicates how spread out the data values are in a set of data
• C) that indicates the level of skewness of the data
• D) that indicates if two variables vary together

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Definitions:

Price Elastic

An assessment of the influence that price changes have on the consumer's purchasing volume of a good.

Inversely Related

A relationship between two variables where one increases as the other decreases.

Total Revenue

The total income generated by a business from the sale of goods and services before any costs or expenses are deducted.

Price Decrease

refers to a reduction in the cost of a good or service, which can lead to an increase in demand due to the law of demand, assuming other factors remain constant.