Assuming You Have Data for a Variable with 2,000 Values

question 41

Multiple Choice

Assuming you have data for a variable with 2,000 values, using the 2k ≥ n guideline, what is the least number of groups that should be used in developing a grouped data frequency distribution?

• A) 9
• B) 11
• C) 13
• D) 12

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Definitions:

Price-Consumption Curve

A curve that shows how a consumer's optimal choices change as the price of a good changes, holding income and other prices constant.

Income

Money received, especially on a regular basis, for work or through investments.

Engel Curve

A graph that illustrates how household expenditure on a particular good or service varies with income.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.