The average (mean) price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $254.54.
B) $354.54.
C) $330.35.
D) $450.25.
B
You might also like to view...
Slight discrepancies in the rates of appreciation versus depreciation of two currencies are related to:
a. a mathematical quirk that percentage increases are always larger than percentage decreases because, in the first case, the denominator is smaller. b. the imprecise nature of the calculations. c. the lack of reliable information. d. the volatile nature of exchange rates.
Economists Gary Becker and Kevin Murphy are associated with which of the following?
A) They discovered that price changes have both income and substitution effects. B) They have argued that social factors are not important in explaining the choices consumers make. C) Consumers appear to receive utility from consuming goods they believe are popular. D) They discovered the first example of a Giffen good.