If an Ordinal Variable Has Nine Attributes, Is the Fifth

question 20

Essay

If an ordinal variable has nine attributes, is the fifth attribute always the median? Explain your answer.

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Definitions:

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, usually identified by a fall in GDP in two successive quarters.

Demand Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.

Price Conscious

Being aware of and giving importance to the cost of goods and services when making purchasing decisions.

Demand

The desire combined with purchasing power for specific goods or services at a given time and price.