A Local Airport Keeps Track of the Percentage of Flights $$\begin{array} { l l } 76 & 9 \\77 & 114 \\78 & \\79 & 07 \\80 & 88 \\81 & 2 \\82 & 1 \\83 & 88\end{array}$$

question 156

Multiple Choice

A local airport keeps track of the percentage of flights arriving within 15 minutes of their scheduled arrivals. The stem-and-leaf plot of the data for one year is below. The leaf unit is 0.1.
$$\begin{array} { l l } 76 & 9 \\77 & 114 \\78 & \\79 & 07 \\80 & 88 \\81 & 2 \\82 & 1 \\83 & 88\end{array}$$
-What would be the class length for creating the frequency histogram?

• A)1.4
• B)0.8
• C)2.7
• D)1.7
• E)2.3

Evaluate the impact of cost changes on pricing and output decisions in market structures.

Recognize the conditions under which monopolistically competitive firms have excess capacity.

Describe the demand curve faced by a monopolistically competitive firm.

Assess the potential for government intervention in monopolistically competitive markets to correct inefficiencies.

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Definitions:

Nominal Income

The amount of money earned in current dollars, not adjusted for inflation.

Revealed Preference

A theory that deduces preferences of consumers by observing their choices and behaviors rather than their stated preferences.

Inflation Level

The pace at which the average price level of goods and services ascends, diminishing the value of money.

Base Year

A specific year against which economic or financial data is measured and compared.