Find the Weighted Average

question 25

Multiple Choice

Find the weighted average.
-Michael gets test grades of 72, 77, 81, and 87. He gets a 96 on his final exam. Find the weighted mean if the tests each count for 10% and the final exam counts for 60% of the final grade. Round to one decimal place.

• A) 247.8
• B) -69.2
• C) 89.3
• D) 82.6

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Definitions:

Output Effect

The output effect is the change in total revenue resulting from selling additional units of a product, considering the impact on price due to supply and demand.

Elastic Demand

A condition where the quantity demanded of a good or service is highly responsive to changes in its price.

Output Effect

The impact on total revenue when a firm changes its output level, considering demand elasticity.

Substitution Effect

The change in consumption patterns due to a relative change in prices leading consumers to substitute one product for another.