The Amount Spent on Textbooks for the Fall Term Was

question 167

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 median is correct?

• A)50% of the students sampled had textbook costs that were less than $425
• B)50% of the students sampled had textbook costs equal to $425
• C)The average of the textbook costs sampled was $425
• D)The most frequently occurring textbook cost in the sample was $425

---

Definitions:

Value of K

In statistics, it often represents a constant or a specific value in equations and formulas.

Weighted Average Model

A calculation that assigns different weights to different items or data points according to their importance in achieving a more accurate average.

Forecasts

Predictions or estimates of future events or trends, based on analysis of available data and indicators.

Mean Absolute Deviation

A statistical metric that measures the average distance between each data point and the mean of a data set, demonstrating variability.