A Sample of Five Flooring Installers, Each Carrying Three Types

question 154

Multiple Choice

A sample of five flooring installers, each carrying three types of flooring, was taken and the price per square metre (to the nearest cent) was recorded for each type of flooring, as shown in the table below. (i) The range for laminate flooring is 0 or none.
(ii. The standard deviation for nylon carpet is 6.64 cents
(iii) The range for nylon carpet is $0.12 or 12 cents.

• 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) (ii) and (iii) are correct statements, but not (i).
• E) (i), (ii) and (iii) are all false statements.

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Definitions:

Price Increase

A rise in the cost of goods or services over a specific period of time, which can affect purchasing power and economic stability.

Substitutes

Substitutes are goods or services that can be used in place of each other, fulfilling the same needs or desires of the consumer.

Price Inelastic

A situation where the demand or supply for a product does not change significantly when its price changes.

Good X

A placeholder term used in economics to represent a specific product or commodity in theoretical discussions.