A Data Set Has a Median of 84 , and Six

question 48

Multiple Choice

A data set has a median of 84 , and six of the numbers in the data set are less than median. The data set contains a total of $n$ numbers.
If $n$ is odd, and exactly one number in the data set is equal to 84 , what is the value of

• A) 15
• B) 16
• C) 13
• D) 17

Interpret cost curves, including their shapes, shifts, and the relationships among them in both short and long runs.

Calculate economic cost, including opportunity costs and sunk costs, in decision making.

Understand the impact of changes in production capacity on cost curves and firm's costs.

Apply the concept of user cost of capital and its components in the analysis of capital costs.

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Definitions:

Infant Industry

A new industry that is in its early stages of development and may be protected or supported by government policies.

Protection

Economic policies and actions, such as tariffs and quotas, taken by a government to shield domestic industries from foreign competition.

Compete

The act of striving against others for the purpose of achieving goals such as winning a market share, receiving recognition, or obtaining a scarce resource.

Tariff

A tax imposed by a government on goods and services imported from other countries, intended to raise revenue or protect domestic industries.