Twenty Students Were Randomly Selected from a Business Statistics Course

question 165

Multiple Choice

Twenty students were randomly selected from a business statistics course and were asked to report the number of times that they had eaten a meal at the university's cafeteria within the past month. Below are the values reported:
7, 8, 10, 11, 8, 6, 10, 9, 9, 8, 13, 12, 8, 11, 11, 14, 8, 7, 10, 12

-What is the median?

• A)8
• B)9.6
• C)9.5
• D)10.5
• E)9

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Definitions:

Log-Linear Form

A mathematical representation where variables are transformed using a logarithm, making multiplicative relationships appear linear.

Elasticity Values

Quantitative measures of elasticity, such as price elasticity of demand or supply, indicating how responsive one variable is to changes in another variable.

Demand Determinants

Factors that influence the quantity of a product or service that consumers wish to buy at various prices.

Cross-Price Elasticity

An economic measure of the responsiveness in the quantity demanded of one good when the price for another good changes.