A Consumer Agency Is Testing Appliances for a Series of Articles

question 7

Multiple Choice

A consumer agency is testing appliances for a series of articles in their magazine.Currently they are working with cooktops and ranges.They have selected 16 of the most commonly used models.Using a series of tests,the agency will estimate the lifetime of these models.A histogram of these (estimated) lifetimes is shown below. What is the proportion of these appliances that is estimated to last longer than 15 years?

• A)More than half
• B)Less than half
• C)Equal to 4/16 = 0.25
• D)It cannot be determined from this graph.

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Definitions:

Shortage/Surplus

Shortage occurs when demand exceeds supply, while surplus occurs when supply exceeds demand.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.

Quantity Supplied

The quantity of a product or service suppliers are prepared to offer for sale at a specific price.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product, aiming to keep essential goods affordable.