As a Measure of Variability, the Range Provides a Limited

question 57

Multiple Choice

As a measure of variability, the range provides a limited amount of information because it:

• A)depends on the two most extreme scores in a distribution, the highest and the lowest.
• B)reflects only one score in the distribution, the middle point.
• C)depends on the average amount of variation in a distribution based on how different each score is from the mean.
• D)reflects only one score in the distribution, the most frequently occurring score.

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Definitions:

Marginal Costs

The financial implication of manufacturing an extra unit of a product or service.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices within a given period.

Economic Profit

The profit a firm makes after subtracting both its explicit (direct) and implicit (indirect or opportunity) costs from its total revenues.

Short-Run Data

Information or statistics collected over a brief period, often used to make immediate decisions or analyze short-term economic trends.