How Is the Relative Frequency of a Class Computed

question 131

Multiple Choice

How is the relative frequency of a class computed?

• A) by dividing the frequency of the class by the number of classes
• B) by dividing the frequency of the class by the class width
• C) by dividing the frequency of the class by the total number of observations in the data set
• D) by dividing the frequency of the class by one less than the total number of observations in the data set

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Definitions:

Economic Order Quantity

A formula used to determine the most cost-effective quantity to order to minimize the costs of holding and ordering inventory.

Inventory Costs

Expenses associated with managing and holding inventory, including storage, insurance, taxes, and potential obsolescence.

Total Inventory

The total amount of goods and materials held in stock by a business at a given time, including raw materials, work-in-progress, and finished goods.

Cash Discounts

A reduction in invoice price offered by sellers to buyers as an incentive for early payment.