The Sample Data Below Shows the Number of Hours Spent

question 73

Multiple Choice

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5.
The 75^th percentile of the data is the closest to _________.

• A) 3 hours
• B) 4.5 hours
• C) 8.5 hours
• D) 10 hours

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Definitions:

Setup Costs

The expenses incurred to prepare a machine, process, or system for manufacturing a new batch or product.

Variable Costs

Expenses that change in proportion to the level of business activity or production volume, such as materials and labor costs.

EMV

Stands for Expected Monetary Value, a concept in risk management used to calculate the average outcome when the future includes scenarios that may or may not happen.

Setup Costs

The expenses involved in configuring a production process or equipment before manufacturing a new batch or type of product.