Data on Tipping Percent for 20 Restaurant Tables Are: ​

question 26

Multiple Choice

Data on tipping percent for 20 restaurant tables are: ​ ​
Compute the value of the median for the above data set.
​

• A)The median tipping percentage is 20%.
• B)The median tipping percentage is 22%.
• C)The median tipping percentage is 22.5%.
• D)The median tipping percentage is 23.5%.
• E)The median tipping percentage is 28.2%.

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Definitions:

Marginal Revenue Product

The extra income produced by the use of an additional unit of a resource, like labor or capital.

Total Output

The total quantity of goods or services produced by an economic entity in a given period.

Marginal Productivity Theory

An economic theory that suggests the wage or value of a worker's output is equal to the additional production the worker generates.

Resource Demand

The desire and ability of a company or economy to acquire goods or services considered essential for operation.