Data Were Obtained for the Weight in Grams, of a Sample

question 6

Essay

Data were obtained for the weight in grams, of a sample of 10 packets of sweetener, as found in cafés. $$\begin{array} { | l | l | l | l | l | l | l | l | l | l | } \hline 4.5 & 5 & 5.9 & 5.4 & 5.5 & 4.7 & 4.9 & 4.7 & 4.7 & 4.6 \\\hline\end{array}$$ Find the mean, median and mode weight packet of sweetener and explain which is the best measure of central location.

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Definitions:

Dynamic Pricing

A pricing tactic that involves constantly updating prices to reflect changes in supply, demand, or market conditions.

Shrinkflation

The process of items shrinking in size or quantity while their prices remain the same or increase.

Volume Maximization

A pricing objective that involves setting prices low to encourage a greater volume of purchases; also called penetration pricing.

Penetration Pricing

A pricing strategy aimed at entering a new market by setting a low price initially to attract customers and gain market share.