The Company Financial Officer Was Interested in the Average Cost

question 89

Multiple Choice

The company financial officer was interested in the average cost of PCs that had been purchased in the past six months. She took a random sample of the price of 10 computers, with the following results. $3,250, $1,127, $2,995, $3,250, $3,445, $3,449, $1,482, $6,120, $3,009, $4,000
What is the first quartile?

• A) $1,446.50
• B) $2,995.00
• C) $3,415.75
• D) $3,587.00
• E) $4,212.00

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Definitions:

Sample Means

The average values obtained from statistical samples drawn from a population.

Zone Boundaries

Predetermined limits in a chart or graph that separate different levels of data for analysis or categorization purposes.

Lower Control Limit

In quality control charts, it is a threshold value below which a process is considered out of control and indicating a systemic decrease in quality.

Sample Proportions

It's the fraction or percentage of observations that fall into one category of a categorical variable in a sample of the population.