Twelve Students Were Asked How Many Credit Cards They Owned

question 29

Essay

Twelve students were asked how many credit cards they owned.The responses were 0,0,1,2,2,3,3,4,4,5,5,11.(A)Find the mean,median,and mode.(B)Which measure of center seems best in this case? (C)Find the first and third quartiles.What do they tell you?

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Definitions:

Negative External Effects

Negative impacts of an economic activity on third parties who are not directly involved in the transaction.

Efficient Outcome

A situation where resources are allocated in the most effective manner, maximizing benefits and minimizing waste.

Lawsuit

A legal action brought in a court by a plaintiff against a defendant, typically seeking compensation for some form of harm or enforcement of a right.

Common Property Resource

Resource to which anyone has free access.