The Annual Household Incomes, in Thousands of Dollars, for 150

question 11

Multiple Choice

The annual household incomes, in thousands of dollars, for 150 households in a small community are summarized in the histogram below. What proportion of households have annual incomes of $90,000 or more?

• A)0.85
• B)0.67
• C)0.08
• D)0.15
• E)0.11

Understand the principles of warranty and how it applies to sales transactions.

Analyze the legal outcomes related to breaches of express and implied warranties.

Differentiate between express and implied warranties under the Uniform Commercial Code (UCC).

Evaluate the impact of privity of contract on warranty claims.

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Definitions:

Correlation Coefficient

A statistical measure that indicates the extent to which two variables fluctuate together, revealing the strength and direction of their relationship.

Strength

The physical or mental capacity to exert force, resist challenges, or endure pressures.

Direction

Guidance or supervision towards a destination or in a particular course of action; also, the path that must be taken to reach a place.

Statistically Significant

A term indicating that the results of an analysis demonstrate a likelihood that the observed effects or differences are not due to chance.