Use the Grouped Data Formulas to Find the Indicated Mean

question 3

Multiple Choice

Use the grouped data formulas to find the indicated mean or standard deviation.
-A random sample of 30 high school students is selected. Each student is asked how many hours he or she spent on the Internet during the previous week. The results are shown in the histogram. Estimate the sample
Standard deviation.

• A)2.4 hr
• B)2.2 hr
• C)2.6 hr
• D)2.0 hr

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Definitions:

Minimize Losses

Minimizing losses involves implementing strategies to reduce the amount or impact of losses in business operations, investments, or other financial activities.

Demand Curve

A graphical representation in economics showing the relationship between the price of a good and the quantity demanded by consumers at various price levels.

Monopolistically Competitive Market

An economic setup in which numerous companies offer goods that are alike but not identical, granting them some level of control over the market.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.