The Sample Data Below Shows the Number of Hours Spent

question 73

Multiple Choice

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. (See the Excel Data File.) The sample standard deviation of the number of hours spent by the five students is the closest to ________.

• A) 3.6 hours
• B) 4.1 hours
• C) 13.2 hours
• D) 16.5 hours

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Definitions:

Vertical Summation

A method used to derive the market demand curve by adding the quantities demanded by all individuals at each price level, vertically.

Horizontal Summation

A method used to determine the total market demand or supply curve by adding individual demands or supplies at each price level, assuming they are compatible.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Nonrival

A characteristic of certain goods where consumption by one individual does not reduce the amount available for consumption by others.