Compare and Contrast Methods of Summarizing and Describing Data
Use

question 17

Multiple Choice

Compare and contrast methods of summarizing and describing data
Use the spreadsheet below to answer the following question(s) .
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold that day for a one-week period. The rate of shoes sold per day (X) and the price of the shoes (Y) . $$\begin{array}{l}\begin{array} { | l | l | } \hline\text { Shoes sold }\\ \text { in \% (X) } & \text { Price (Y) } \\\hline 15 & \$ 48 \\\hline 27 & \$ 55 \\\hline 10 & \$ 40 \\\hline 13 & \$ 88 \\\hline 25 & \$ 53 \\\hline 9 & \$ 47 \\\hline 18 & \$ 40 \\\hline & \\\hline\end{array}\end{array}$$
-Use Excel to calculate the mean for X.

• A) 16.71
• B) 7.04
• C) 2.67
• D) 0.02

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Definitions:

Productivity

A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Physical Capital

Tangible assets such as buildings, machinery, and equipment used in the production of goods and services.

Productivity

The efficiency with which input resources are converted into outputs, often measured as output per hour worked.