Use the Following Duration Times (Seconds)of 24 Eruptions of the Old

question 46

Essay

Use the following duration times (seconds)of 24 eruptions of the Old Faithful geyser in
Yellowstone National Park. The duration times are sorted from lowest to highest. $$\begin{array} { c c c c c c c c c c c c } 110 & 120 & 178 & 213 & 234 & 234 & 235 & 237 & 240 & 243 & 245 & 245 \\250 & 250 & 251 & 252 & 254 & 255 & 255 & 259 & 260 & 266 & 269 & 273\end{array}$$ Construct a boxplot and make observations about the shape, if there is skewness including in
what direction, and if there are any outliers. Explain the skewness in terms of the difference
between Q1 and the median and Q3 and the median.

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Definitions:

Pricing Constraints

Limitations that affect the pricing strategy of a product or service, including cost of production, competition, market demand, and regulatory issues.

Price Affect

The psychological impact of price on a consumer's perception and purchasing behaviors, often influencing how a product is valued.

Demand

The consumer's desire and willingness to pay a price for a specific good or service.

Elastic Demand

A market condition where the quantity demanded of a product changes significantly in response to price changes.