Find the Midrange for the Given Sample Data $$\begin{array} { l l l l } 32.95 & 24.95 & 26.95 & 28.95 \\18.95 & 28.95 & 30.95 & 22.95 \\24.95 & 26.95 & 29.95 & 28.95\end{array}$$

question 102

Multiple Choice

Find the midrange for the given sample data.
-Fred, a local mechanic, gathered the following data regarding the price, in dollars, of an oil and filter change at twelve competing service stations: $$\begin{array} { l l l l } 32.95 & 24.95 & 26.95 & 28.95 \\18.95 & 28.95 & 30.95 & 22.95 \\24.95 & 26.95 & 29.95 & 28.95\end{array}$$
Compute the range.

• A)$8
• B)$14
• C)$12
• D)$10

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Definitions:

Price Effect

The impact on the market or consumers' purchasing behavior due to a change in the price of a good or service.

Megawatts

A unit of power equal to one million watts, often used to quantify the output of large power plants or the electricity consumption of large entities.

Natural Monopoly

A market situation where a single firm can supply the entire market more efficiently than multiple firms due to high fixed or start-up costs.

Producing Electricity

The process of generating electric power from sources of primary energy such as coal, natural gas, nuclear, solar, or wind energy.