The Frequency Histogram for the Heights (In Cm) of the 25

question 71

Essay

The frequency histogram for the heights (in cm) of the 25 students in a business statistics class is given below. What is the best measure of central location?

---

Definitions:

Price Change

An alteration in the cost of a good or service, which can affect demand and supply dynamics in the market.

Substitution Effect

The change in consumption patterns due to a change in the prices of goods, leading consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Opportunity Cost

The lost potential gain from other alternatives when one alternative is chosen.