Use the Range Rule of Thumb to Approximate the Standard $\begin{array} { l l l l l l l l l l } 5.9 & 6.0 & 5.5 & 5.4 & 5.9 & 5.5 & 5.6 & 6.2 & 5.8 & 5.5 \end{array}$

question 205

Multiple Choice

Use the range rule of thumb to approximate the standard deviation.
-The heights in feet of people who work in an office are as follows. Round results to the nearest tenth. $\begin{array} { l l l l l l l l l l } 5.9 & 6.0 & 5.5 & 5.4 & 5.9 & 5.5 & 5.6 & 6.2 & 5.8 & 5.5 \end{array}$

• A) \(0.1\)
• B) \(1.2\)
• C) \(0.2\)
• D) \(0.5\)

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Definitions:

Dollar Votes

The concept that consumers show their preferences and influence the market through where they choose to spend their money.

Consumer Sovereignty

The concept that consumers' preferences and decisions dictate the production of goods and services in an economy, emphasizing the power of consumer choice.

Market Economy

An economic system where supply and demand from private enterprise make all the economic decisions.

Economic Profit

The split between entirety of income and the full scope of expenditures, considering both clear and implicit financial obligations.