I an Outlier Is a Value in a Data Set

question 125

Multiple Choice

i. An outlier is a value in a data set that is inconsistent with the rest of the data. ii. The interquartile range is the difference between the values of the first and third quartile, indicating the range of the middle fifty percent of the observations.
iii. A student scored in the 85 percentile on a standardized test. This means that the student scored lower than 85% of the rest of the students taking the test.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (i) is a correct statement, but not (ii) or (iii).
• E) (i), (ii) and (iii) are all false statements.

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Definitions:

Cost Formula

A mathematical equation or method used to calculate the total cost of production or service, considering both variable and fixed expenses.

Activity Levels

The degree of operations or production volume within a specific period, affecting costs and decision-making in businesses.

Variable Cost

Costs that fluctuate in direct proportion to production or sales figures, including items like direct labor and raw materials.

Mixed Costs

Expenses comprising both fixed and variable components, changing in total with the level of activity but not proportionately.