The Histograms Show the Cost of Living,in Dollars,for 32 U

question 9

Multiple Choice

The histograms show the cost of living,in dollars,for 32 U.S.cities.The histogram on the left shows the cost of living for the 32 cities using bins $10 wide,and the histogram on the right displays the same data using bins that are $6 wide.For which of the histograms would you most strenuously insist on using an IQR rather than a standard deviation to summarize spread? Explain.

• A)The histogram on the right is most nearly symmetric and shows no outliers.That makes it the best candidate for summarizing with an IQR.
• B)The histogram on the left shows a low outlier.The standard deviation is sensitive to outliers,so we'd prefer to use the IQR for this one.
• C)The histogram on the right shows a high outlier.The standard deviation is sensitive to outliers,so we'd prefer to use the IQR for this one.
• D)The histogram on the left is most strongly skewed to the right.That makes it the best candidate for summarizing with an IQR.
• E)The histogram on the left is most nearly symmetric and shows no outliers.That makes it the best candidate for summarizing with an IQR.

Understand the role and importance of emotional intelligence in decision making.

Recognize how knowledge accumulation and intrinsic motivation contribute to creativity.

Identify and analyze problem-solving approaches and the definition of a problem.

Acknowledge the impact of creative self-efficacy and multicultural experiences on creativity.

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Definitions:

Wages

Wages are payments made to employees for their labor or services, typically calculated on an hourly, daily, or piecework basis.

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value; these typically include land, labor, capital, and entrepreneurship.

Monopsony Firm

A market situation where there is only one buyer or a dominant buyer for a product or service, giving that buyer substantial control over market prices and terms.

Competitive Firm

A business that operates in a market with many buyers and sellers, where no single entity can significantly influence the market price of goods and services.