A College Professor Collected Data on the Number of Hours

question 108

Multiple Choice

A college professor collected data on the number of hours spent by his 100 students over the weekend to prepare for Monday's Business Statistics exam. He processed the data by Excel and the following incomplete output is available. The median is most likely to be ________.

• A) about 7 hours
• B) less than 7 hours
• C) greater than 7 hours
• D) Cannot tell from the information provided

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Definitions:

Units

Fundamental quantities used to measure, count, or quantify objects or events.

Diminishing Marginal Utility

See Law of Diminishing Marginal Utility.

Satisfaction

The contentment one feels when one's needs, desires, or expectations are fulfilled or surpassed.

Diminishing Marginal Utility

A principle stating that as a consumer consumes more of a good or service, the utility (satisfaction) gained from each additional unit decreases.