(I Five Students Were Given a Page of Problems with the Instructions

question 166

Multiple Choice

(i. Five students were given a page of problems with the instructions to solve as many as they could in one hour. Five students solved the following number of problems: 12, 10, 8, 6 and 4. The arithmetic mean number of minutes required per problem is 6.5 minutes (average of 7 problems in an hour) . (ii) David Electronics had a profit of $10 million in 1998. Profit doubled from 1998 to 1999 and profit increased eight fold from 1999 to 2000. The annual geometric mean rate of growth from 1998 to 2000 was 300% (4 fold) .
(iii) The difference between the highest and the lowest value in a set of data is called the range.

• 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 Allowance

A reduction in the selling price, often used as a promotional strategy or to compensate for minor defects.

Returns Of Merchandise

The process of customers returning previously purchased merchandise back to the seller, typically due to defects or dissatisfaction.

Delivery Expense

Costs incurred by a company to transport its products to customers, including freight and shipping fees.

Cost Associated

Expenses linked to a specific business activity, project, or operation.