If a Data Set Has 740 Values That Have Been

question 83

Multiple Choice

If a data set has 740 values that have been sorted from low to high,which value in the data set will be the 20^th percentile?

• A)The average of the 148^th and 149^th values
• B)The 20^th value
• C)The 148^th value
• D)None of the above

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Definitions:

Inelastic Demand

A situation in which the percentage change in quantity demanded of a good is less than the percentage change in price, indicating low sensitivity to price changes.

Tax Burden

The total amount of taxes that individuals, businesses, or other entities are obligated to pay, often expressed as a percentage of income or GDP.

Consumers

Individuals or organizations that use economic goods and services.

Keynes-Hayek

Refers to the economic theories and public debate between John Maynard Keynes and Friedrich Hayek, two prominent economists with differing views on government intervention in the economy.