The Amount of Time That a Sample of Students Spends

question 63

Essay

The amount of time that a sample of students spends watching television per day is given below. $\begin{array}{ll}\text { Student } & \text { Time } \\ & \text { (In Minutes) } \\1&40\\2&28\\3 & 71 \\4 & 48 \\5 & 49 \\6 & 35 \\7 & 40 \\8 & 57\end{array}$ ​
a.
Compute the mean.
b.
Compute the median.
c.
Compute the standard deviation.
d.
Compute the 75th percentile.

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Definitions:

Consumers

Individuals or organizations that purchase goods or services for personal use or consumption.

Imperfect Information

A situation where all parties in an economic transaction do not have equal access to relevant information.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Marginal Cost

The growth in complete costs incurred by manufacturing an additional unit of a product or service.