A Sample of Five Full Service Gasoline Stations, Each Carrying

question 22

Short Answer

A sample of five full service gasoline stations, each carrying three grades of gasoline, was taken and the price per liter (to the nearest cent) was recorded for each grade of gasoline, as shown in the table below. What is the median price of Unleaded Plus gas? _______.

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Definitions:

Consumption

The total amount of goods and services consumed by households and organizations within an economy.

Autonomous Consumption

The level of consumption that occurs when income is at zero, representing the expenditures that consumers must make even when they have no income.

Disposable Income

The fiscal resources available to households for allocation towards saving and spending post income tax adjustments.

Autonomous Consumption

The portion of consumption spending that does not change with changes in income level, reflecting basic consumption needs.