If a Data Set Has an Even Number of Observations

question 67

Multiple Choice

If a data set has an even number of observations, the median

• A) cannot be determined.
• B) is the average value of the two middle items.
• C) must be equal to the mean.
• D) is the average value of the two middle items when all items are arranged in ascending order.

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Definitions:

Output Per Day

The total quantity of goods or services produced by an entity in a single day.

Production Function

An equation or model showing the maximum output that can be produced with a given set of inputs, expressing the relationship between inputs and outputs in the production process.

Isoquant

A curve that represents all combinations of inputs that produce the same level of output in production theory.

Inputs

Factors or resources employed in producing goods, including time, manpower, and raw materials.