Find the Median for the Given Sample Data $\begin{array} { l l l l l } 3.5 & 1.6 & 2.4 & 3.7 & 4.1 \end{array}$

question 87

Multiple Choice

Find the median for the given sample data.
-The normal monthly precipitation (in inches) for August is listed for 20 different U.S. cities.
$\begin{array} { l l l l l } 3.5 & 1.6 & 2.4 & 3.7 & 4.1 \end{array}$
$\begin{array} { l l l l l } 3.9 & 1.0 & 3.6 & 4.2 & 3.4 \end{array}$
$\begin{array} { l l l l l l } 3.7 & 2.2 & 1.5 & 4.2 & 3.4 \\ 2.7 & 0.4 & 3.7 & 2.0 & 3.6 \end{array}$
$\begin{array} { l l l l l } 2.7 & 0.4 & 3.7 & 2.0 & 3.6 \end{array}$

• A)\(3.50 \mathrm { in }\).
• B) \(3.40 \mathrm { in } .\)
• C) \(2.94 \mathrm { in } .\)
• D) \(3.45 \mathrm { in }\).

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time, such as hourly, daily, or annually.

Wage Rate

The amount of compensation a worker receives per unit of time or per task completed.

Competitive Labor Market

A market scenario where numerous firms compete to hire the same labor, and workers compete for the same jobs, often leading to wage equilibrium.

Going Wage Rate

The average or standard amount of pay offered for a particular job in a specific area or industry.