Data on the Amount of Money Made in a Year

question 92

Multiple Choice

Data on the amount of money made in a year by 1000 families in a small town were collected.
You want to know how much each family will get if the money made by all the 1000 families is
Pooled together and then evenly redistributed back to them.Which of the following would you
Compute?

• A) Arithmetic mean.
• B) Median.
• C) Interquartile Range.
• D) Coefficient of correlation.

---

Definitions:

Correlate

To correlate is to establish a relationship or connection between two or more variables, indicating that when one variable changes, there is a predictable change in the other.

Customize Products

The process of modifying products to meet specific customer requirements or preferences, enhancing customer satisfaction and loyalty.

Customer Relationship Management

A strategy for managing an organization's interactions with potential and current customers, utilizing data analysis about customers' history with a company to improve business relationships.

Marketers

Professionals who are responsible for promoting and selling products or services, including market research and advertising strategies.