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Statistics students were asked to fill a one-cup measure with raisin bran, then tap the cup lightly on the counter three times to settle the contents. If necessary, they were instructed to add more raisin bran to bring the contents exactly to the one-cup line, then spread the contents on a large plate, and count the raisins. The 13 students who chose Kellogg's Raisin Bran obtained the results shown below:
23 33 44 36 29 42 31 33 61 36 34 23 24
· Calculate the mean, median, and mode. Is the distribution skewed to the left or to the right?
· Which is the best measure of central tendency and why?
· Calculate the standard deviation. Why is there variation in the number of raisins in a cup of raisin bran? Why might it be difficult for Kellogg's to reduce variation?
Even though both monopolists and competitive firms follow the MC = MR rule in maximizing profits, there are differences in the economic outcomes because the pure competitor cannot make any economic profit.
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