You Want to Make a Graph to Display the Distribution

question 5

Multiple Choice

You want to make a graph to display the distribution of the salaries of the 1500 professors at a very large university. The best choice is a

• A) boxplot.
• B) histogram.
• C) line graph.
• D) pie chart.
• E) stemplot.

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Definitions:

Demand

The volume of goods or services that consumers can and want to buy across a range of prices within a certain period.

Price Elasticity

A metric indicating the responsiveness of the quantity of a good demanded to its price change, presented in percentage terms.

Demand

In economics, the desire and ability of consumers to purchase goods and services at given prices.

Revenue Maximizing Price

The price at which a company can sell its product or service to generate the maximum total revenue, considering factors like demand and price elasticity.