The Amount Spent on Textbooks for the Fall Term Was

question 42

Multiple Choice

The amount spent on textbooks for the fall term was recorded for a sample of five hundred university students. The mean expenditure was calculated to be $500 and the median expenditure was calculated to be $425. Which of the following interpretations of the mean is correct?

• A) The average of the textbook costs sampled was $500
• B) The most frequently occurring textbook cost in the sample was $500
• C) 50% of the students sampled had textbook costs equal to $500
• D) 50% of the students sampled had textbook costs that were less than $500

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Definitions:

Risk Management

The practice of identifying, assessing, and controlling threats to an organization's capital and earnings.

Timeframe

A period of time during which something takes place or is projected to occur.

Deming

Refers to W. Edwards Deming, an American engineer, statistician, and management consultant who is recognized for his work in quality management and continuous improvement.

Principles Of Management

Refers to the fundamental rules or guidelines that help in organizing and managing an organization effectively, focusing on planning, leading, organizing, and controlling.