Which of the Following Is True for a Median

question 1

Multiple Choice

Which of the following is true for a median?

• A) A median is only meaningful for interval or ordinal data and not for ratio data.
• B) Medians can be calculated no matter how the data is arranged.
• C) Medians are affected by outliers.
• D) For an even number of observations, the median is the mean of the two middle numbers.

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Definitions:

Value-Based Pricing

A pricing strategy where the price is based on the perceived value of a product or service to the customer rather than on the cost of production or a traditional market price.

Operating Cost

Expenses associated with the day-to-day activities of running a business, excluding costs related to financing and investments.

Useful Life

The period of time over which an asset is expected to be useful in the operations of a business.

Traceable Fixed Expense

A fixed expense that can be directly linked to a specific department, project, or segment of a business.