The Following Data Represent the Recent Sales Price (In $1,000s)

question 96

Multiple Choice

The following data represent the recent sales price (in $1,000s) of 24 homes in a Midwestern city. (See the Excel Data File.) Suppose the data on house prices will be grouped into five classes. The width of the classes for a frequency distribution or histogram is the closest to ________.

• A) 15
• B) 20
• C) 25
• D) 30

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Definitions:

Marginal Costs

The cost associated with producing an additional unit of output in a production process.

Maximize Revenue

The process of adjusting price levels, production quantities, and sales strategies to achieve the highest possible sales income.

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