The Admissions Office Has Ordinal-Level Data on Parental Income Levels

question 19

Multiple Choice

The admissions office has ordinal-level data on parental income levels of enrolled students. What would an appropriate measure of central tendency be to report?

• A) mean
• B) median
• C) percent distribution
• D) standard deviation
• (Note: * indicates

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Definitions:

Total Variable Cost

The total of all costs that vary with the level of output, including materials, labor, and other expenses that increase as production increases.

Total Cost

The sum of fixed cost and variable cost.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.

Plant Size

The physical capacity or output potential of a manufacturing or production facility.