The Mathematics SAT Scores of the Seven Students in a Mathematics

question 56

Multiple Choice

The mathematics SAT scores of the seven students in a mathematics seminar are 538, 550, 570, 593, 610, 622, and 634. Suppose the student with the score 634 drops the seminar and is replaced by a student with a score of 600. What will happen to the mean and the median scores of the class?

• A) Neither mean nor median will change.
• B) The median will decrease, the mean will not change.
• C) The median will not change, the mean will decrease.
• D) Both mean and median will decrease.

Identify and differentiate between product costs and period costs.

Understand the cost flow in a manufacturing company, including the concepts of direct materials, direct labor, and manufacturing overhead.

Calculate the total manufacturing costs incurred during a period.

Calculate the cost of goods manufactured based on given inventory and cost data.

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Definitions:

Outright Collusion

An explicit agreement among competitors to fix prices, output, or trading terms in the market, which is illegal in many jurisdictions.

Ford Motor Company

An American multinational automaker that was founded by Henry Ford and incorporated on June 16, 1903.

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition and higher prices for consumers.

High Barriers

Obstacles that make it difficult for new entrants to enter a market, including high starting costs, stringent regulations, or strong competition.