Ungrouped Data Collected on the Time to Perform a Clerical

question 3

Short Answer

Ungrouped data collected on the time to perform a clerical operation are 3.0, 7.0, 3.0, and 6.0 minutes. Determine the average, median, mode, and sample standard deviation. It is NOT necessary to show your work. Use the function keys on your
calculator. $\begin{array} { l }& \text { Answers }\\ \text {Average }&\_\_\_\_\_ \\ \text {Range }&\_\_\_\_\_ \\ \text { Median}&\_\_\_\_\_ \\ \text {Mode }&\_\_\_\_\_ \\ \text { Sample Standard Deviation}\end{array}$

---

Definitions:

Consumer Surplus

The disparity in the consumers' desired payment amount for a good or service and the actual expense they bear.

Natural Monopoly

A market condition where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.

Large Fixed Costs

Expenses that do not change in total regardless of changes in the volume of goods or services produced.

ATC

Average Total Cost, which is calculated by dividing the total cost of production by the quantity of output produced.