A Data Set Has 100 Observations

question 72

Essay

A data set has 100 observations. In the data, a quantitative variable's highest value is 117 and its lowest value is 47. What is the minimum class interval that you would recommend?

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Definitions:

Pricing Constraints

Limitations that affect the pricing strategy of a product or service, including cost of production, competition, market demand, and regulatory issues.

Price Affect

The psychological impact of price on a consumer's perception and purchasing behaviors, often influencing how a product is valued.

Demand

The consumer's desire and willingness to pay a price for a specific good or service.

Elastic Demand

A market condition where the quantity demanded of a product changes significantly in response to price changes.