What Is the Midrange of the Following Data Set? 5

question 114

Multiple Choice

What is the midrange of the following data set? 5, 11, 10, 12, 4, 12, 18, 18, 18

• A) 12
• B) 18
• C) 5
• D) 11

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Definitions:

Quantity Demanded

Quantity demanded refers to the amount of a good or service consumers are willing and able to purchase at a given price.

Income

The financial gains, typically recurring, from employment or returns on investments.

Normal Good

A type of good for which demand increases as the income of consumers increases, reflecting a direct relationship between income and demand.

Complements

Goods or services that are used together, where the use or consumption of one enhances the value or demand of the other.