Interpret Summary Statistics A) an Increase in the Median

question 6

Multiple Choice

Interpret summary statistics.
-Consider the five number summary of hourly wages ($) for a sample of advertising /
Promotion managers. Suppose there had been an error and that the lowest hourly wage
Was $15.50 instead of $19.64. This would result in $$\begin{array} { | c | c | c | c | c | } \hline \text { Min } & \text { Q1 } & \text { Median } & \text { Q3 } & \text { Max } \\\hline 19.64 & 29.36 & 34.18 & 40.86 & 57.26 \\\hline\end{array}$$

• A) an increase in the median.
• B) an increase in the standard deviation.
• C) a decrease in the range.
• D) a decrease in the IQR.
• E) an increase in the mean.

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Definitions:

Income Rises

An increase in the amount of money earned by individuals or households, which can impact their purchasing power and consumption habits.

Marginal Rate

The marginal rate refers to the rate at which one quantity changes with a slight increase in another quantity, often used in economics to discuss changes in tax, cost, or benefit.

Indifference Curve

A graph showing different combinations of two goods among which a consumer is indifferent, reflecting preferences for consumption.

Income Effect

How shifts in someone's or an entire economy's income level influence the demand for goods or services.