Suppose That an Analysis of a Set of Data Reveals $Q _ { 1 } = 45,$

question 90

Essay

Suppose that an analysis of a set of data reveals that $Q _ { 1 } = 45,$ $Q _ { 2 } = 85$ and $Q _ { 3 } = 105$
a. What do these statistics tell you about the shape of the distribution?
b. What can you say about the relative position of each of the observations 34, 84 and 104?
c. Calculate the interquartile range.
d. What does the interquartile range tell you about the data?

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Definitions:

Fixed Expenses

Costs that do not fluctuate with the volume of production or sales, such as rent, salaries, and insurance premiums.

Target Profit

The amount of net income a business aims to achieve within a specific period.

Break-Even Point

The level of production or sales at which total revenues equal total expenses, resulting in no net profit or loss.

Variable Cost Per Unit

The cost associated with producing one additional unit of a product, which can change depending on the level of production or sales.