Consider the Five Number Summary of Hourly Wages ($) for a Sample

question 7

Multiple Choice

Consider the five number summary of hourly wages ($) for a sample of advertising / promotion managers. $$\begin{array} { | c | c | c | c | c | } \hline \text { Min } & \text { Q1 } & \text { Median } & \text { Q3 } & \text { Max } \\\hline 19.64 & 29.36 & 34.18 & 40.86 & 57.26 \\\hline\end{array}$$ Suppose there had been an error and that the lowest hourly wage was $15.50 instead of
$19) 64.This would result in

• A)an increase in the median.
• B)an increase in the standard deviation.
• C)a decrease in the range.
• D)a decrease in the IQR.
• E)an increase in the mean.

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Definitions:

Fixed Expenses

Costs that do not change with the level of output or sales in the short term, such as rent or salaries.

Break-even Point

The production level at which total revenues equal total expenses, resulting in no profit or loss.

Unit Contribution Margin

Unit contribution margin refers to the difference between the selling price per unit and the variable cost per unit, highlighting the profitability of individual items.

Net Income

A company's overall earnings following the deduction of all expenses and taxes from its gross revenue.