An increase in demand without a corresponding change in supply will lead to
A decrease in equilirium price and increase in equilibrium quantity
An increase in equilibrium price and quantity
A decrease in equilibrium price and quantity
An increase in equilibrium price and a decrease in equilibrium quantity
Correct answer is D
An increase in demand without a corresponding increase in supply will lead to a rise in price and a decrease in the quantity available for sale.
Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
10
38
35
22
Correct answer is D
Recall that the median is the middle number. To get the median, we will arrange the numbers from ascending order (that is, from smallest to the biggest). hence we have;
median = 10, 14, 15, 18, 22, 28, 30, 35, 38
22 is the middle number in the set.
An advantage of the range as a measure of dispersion is that it
Can be used to calculate open-ended distribution
Make use of all values of observations in a distribution
Takes all values into consideration
Is useful for further statistical calculation
Correct answer is A
No explanation has been provided for this answer.
Which of the following set of statistical tools is used for further economic analysis?
The median and standard deviation
The mean and mode
The mean and standard deviation
The mode and median
Correct answer is B
The mean is useful for predicting future results when there are no extreme values in the data set. Standard deviation is a number used to tell how measurements for a group are spread out from the average (mean), or expected value.
If the standard deviation of a given data is 53, what is the variance?
2082
2809
2808
2209
Correct answer is B
The root of the standard deviation is the variance.