Although They Are Extremely Useful,measures of Central Tendency Are Incomplete

question 99

Essay

Although they are extremely useful,measures of central tendency are incomplete descriptors of the values in a particular set of numbers because they do not indicate the variability of responses to a particular question or the diversity of respondents on some characteristic measured in a survey.Define and describe the measures of variability.

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Definitions:

Units Sold

The quantity of product units sold by a company during a particular period.

Income Statement

An accounting statement that provides a summary of a company's revenues, expenses, and net income over a specific period.

Expenses

The monetary costs incurred in the process of generating revenues, including fixed, variable, and semi-variable expenses.

Contribution Margin Ratio

A financial metric expressing the percentage of each sales dollar remaining after variable costs are subtracted.