Exhibit 20-7 ​

question 69

Multiple Choice

Exhibit 20-7
​

-Refer to Exhibit 20-7. For graph (2) , if the price of X is $60, what is the consumer's income?

• A)$1,000
• B)$2,000
• C)$3,000
• D)$6,000
• E)This cannot be determined from the information provided.

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Definitions:

Mode

The value that occurs most frequently in a dataset, representing the "most common" finding or outcome.

Range Values

The difference between the highest and the lowest values in a set of data points, showing the spread or dispersion of the data.

Median

The middle value in a data set when it's arranged in ascending or descending order.

Degrees of Freedom

The number of independent values or quantities that can vary in an analysis without breaking any constraints.