SCENARIO 3-3 The Ordered Array Below Represents the Number of Vitamin Supplements

question 167

Short Answer

SCENARIO 3-3
The ordered array below represents the number of vitamin supplements sold by a health food store in
a sample of 16 days.
19, 19, 20, 20, 22, 23, 25, 26, 27, 30, 33, 34, 35, 36, 38, 41
Note: For this sample, the sum of the values is 448, and the sum of the squared differences between
each value and the mean is 812.
-Referring to Scenario 3-3,the median number of vitamin supplements sold in this sample is_____.

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit.

Herfindahl Indexes

Measures of market concentration, calculated by summing the squares of the market shares of all firms within the industry to assess the competitive landscape.

Market Power

The ability of a company or entity to influence or control prices and total market output in an industry.

Four-Firm Concentration Ratio

A metric that measures the total market share of the four largest firms within an industry, used to assess the degree of competition and market concentration.