In the Above Data Set, the Outliers Would Most Likely

question 52

Multiple Choice

In the above data set, the outliers would most likely be

• A) 94 and 99.
• B) 36 and 99.
• C) 36 and 42.
• D) There are no outliers.

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Definitions:

Consumer Surplus

The gap between the total price consumers are ready and able to spend for a good or service and what they actually spend.

Inverse Demand Function

A mathematical function that expresses the price of a good or service as a function of the quantity demanded, illustrating how price changes with variations in demand.

Pretzels

A type of baked bread product made from dough most commonly shaped into a twisted knot, known for its distinctive flavor and texture.

Compensating Variation

An economic concept describing the amount of additional income that would leave someone as well off after a price change as they were before it.