The Boxplots Display Case Prices (In Dollars)of White Wines Produced

question 38

Multiple Choice

The boxplots display case prices (in dollars) of white wines produced by three vineyards in south-western Ontario.Describe these wine prices.

• A)Vineyards A and B have about the same average price; the boxplots show similar medians and similar IQRs.Vineyard C has higher prices except for one low outlier,and a more consistent pricing as shown by the smaller IQR.The three distributions are roughly symmetric.
• B)Vineyards A and B have different average price,but a similar spread.Vineyard C has lower prices except for one low outlier,and a more consistent pricing as shown by the smaller IQR.
• C)Vineyards A and B have about the same average price; the boxplots show similar medians and similar IQRs.Vineyard C has consistently higher prices except for one low outlier,and a more consistent pricing as shown by the larger IQR.
• D)Vineyards A and B have about the same average price; the boxplots show similar medians and similar IQRs.Vineyard C has higher prices except for one low outlier,and a less consistent pricing as shown by the larger IQR.
• E)Vineyards A and B have about the same average price; the boxplots show similar medians and similar IQRs.Vineyard C has higher prices except for one low outlier,and a more consistent pricing as shown by the smaller IQR.

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Definitions:

Income

The monetary return or earnings received by an individual or entity, often measured on a regular basis, such as monthly or annually.

Consumption Bundle

A combination of goods and services that a consumer chooses to consume given their budget constraints.

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to their level of satisfaction or utility.

Consumption

The process by which goods and services are used up by consumers.