SOL:-
A) Estimate the median winning speed. :-
To find the median winning speed, we have to find the number of the graph which lines up with 50%.
So the answer is 36 miles per hour.
(B) Estimate the quartiles: lower and higher :-
From the graph, To find Lower quarties , we find the number that lines up with 25%, which is 34.5mph and
for the higher Quarties , we find the number that lines up with 75% on the graph, which is 36.7 mph.
(C) Estimate the range and the IQR :-
The range is 7 mph from 31-38 mph.
The IQR = Q3-Q1 =
That means 36.7 - 34.5 = 2.2 mph
D) Boxplot of these speed :-
OPTION 'B' IS CORRECT
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Suppose the U.S. bicycle market is perfectly competitive. The
graph below shows the short run cost curves of Ted’s bicycle store.
Suppose the market price is $29. Is Ted making an economic profit
in the short run? Are the profits sustainable in the long run
assuming this is a constant cost industry? Briefly explain.
MC ATC AVC O/$ 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
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