Suppose That a Data Set Contains 275 Observations Ranging from a Low

question 13

Multiple Choice

Suppose that a data set contains 275 observations ranging from a low of 6,000 to a high of 70,000.What is the appropriate class width to use when constructing a histogram for the data?

• A)6,400
• B)7,112
• C)7,778
• D)8,000

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Definitions:

Labor Costs

Labor costs refer to the total expenses related to compensating employees, including wages, benefits, and taxes, incurred by a business.

Staff Turnover

The turnover rate of employees in a company, signifying the speed at which staff members depart and are subsequently replaced by new hires.

Credit Sales

Sales made by a business where the customer is allowed to pay at a later date, as opposed to immediate cash transactions.

Cash Received

The total amount of cash received by a business during a specific period, from various sources like sales, investments, or financing.