The Following Histogram Represents the Distribution of Acceptance Rates (Percent

question 26

Multiple Choice

The following histogram represents the distribution of acceptance rates (percent accepted) among 25 business schools in 2004. In each class interval, the left endpoint but not the right is included, so the class intervals are 10  rate < 15, 15  rate < 20, etc. Which of the following could be the five-number summary for these data?

• A)10, 22, 31, 39, 50
• B)10, 20, 30, 40, 50
• C)10, 26, 31, 34, 50
• D)10, 22, 31, 29, 39

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Definitions:

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in price.

Tax

A mandatory financial charge imposed by a governmental organization on individuals or entities to fund public expenditures.

Slightly Inelastic

A situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.

Demand for Product

The total amount of a product or service that consumers are willing and able to purchase at various price levels, at a given time.