The Chief Disadvantage of the Median, When Compared to the Mean

question 31

Multiple Choice

The chief disadvantage of the median, when compared to the mean, is that

• A) it is less stable than the mean from sample to sample.
• B) its location cannot be calculated algebraically.
• C) it is disproportionately affected by outliers.
• D) it has no disadvantages.

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Definitions:

Utility Function

A mathematical representation that shows the relationship between an individual's satisfaction and their consumption of different goods and services.

Private Consumptions

Refers to the spending on goods and services by individuals or households rather than by the government or businesses.

Total Amount

The entire sum or quantity of something, often referring to a final total in financial contexts.

Utility Function

A numerical depiction of the ranking of a consumer's preferences among various products or results.