You Were Told That the 1st, 2nd and 3rd Quartiles

question 38

Short Answer

You were told that the 1st, 2nd and 3rd quartiles of female students' weight at a major university are 95 lbs., 125 lbs., and 138 lbs...What percentage of the students weigh less than 95 lbs...?

---

Definitions:

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Total Cost

The complete cost of production, including both fixed and variable costs.

Efficient Allocation

The optimal distribution of resources among different uses, ensuring that resources are utilized in a way that maximizes overall benefit or utility.

Excess Capacity

A situation where a firm is producing at a lower scale of output than it has been designed for, often leading to inefficiencies.