Find the Midrange for the Given Sample Data A) 94 Min
B) 13

question 158

Multiple Choice

Find the midrange for the given sample data.
-The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hours one Monday. The frequency distribution below summarizes the results. Find the mean waiting time.
Round your answer to one decimal place. $$\begin{array}{l}\text { Waiting time Number of }\\\begin{array} { r c } \text { (minutes) } & \text { customers } \\0 - 3 & 10 \\4 - 7 & 13 \\8 - 11 & 12 \\12 - 15 & 5 \\16 - 19 & 7 \\20 - 23 & 1 \\24 - 27 & 2\end{array}\end{array}$$

• A) 9.4 min
• B) 13.5 min
• C) 7.1 min
• D) 9.3 min

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Definitions:

Fallacy of Composition

The erroneous belief that what is true for an individual or part will also be true for a group or the whole.

Income

Money received by a person or household over a certain period of time from work, investments, business ventures, or other sources.

Fallacy of Composition

The erroneous belief or argument that what is true for a part is necessarily true for the whole group or entity.

Economic Relationships

The interactions between different variables within the economy, such as supply and demand, and price and quantity.