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:

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in demand for a good that results from a change in its price, making consumers more likely to purchase more of a less expensive alternative or less of a more expensive one.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward-sloping.

Marginal Utility Data

Information regarding the additional satisfaction or use received by consuming one more unit of a good or service.