The List Below Shows the Number of Orders Processed by Grant

question 115

Multiple Choice

The list below shows the number of orders processed by Grant and Traynor over the past 16 weeks. Use the method described in the chapter to identify the value of the 30th percentile, then compare the % of the values in the data set that are ACTUALLY at or below the 30th percentile value you had determined.

• A)The 30th percentile value is 660; the actual percent of the values at or below 660 is 37.5%.
• B)The 30th percentile value is 660; the actual percent of the values at or below 660 is 68.75%.
• C)The 30th percentile value is 472; the actual percent of the values at or below 472 is 31.25%.
• D)The 30th percentile value is 472; the actual percent of the values at or below 472 is 75.00%.
• E)The 30th percentile value is 531; the actual percent of the values at or below 472 is 30.00%.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of all resources used by a firm.

Industry Supply Curve

A graphical representation showing the total amount of a commodity that all producers in an industry are willing and able to supply at different prices.

Production Cost

The total expenses incurred in the manufacture of a product or the delivery of a service, including raw materials, labor, and overhead expenses.

Economic Profits

Profits that exceed the opportunity costs of all inputs, reflecting earnings beyond the next best alternative.