14. Suppose that 40 percent of the voting population wish to spend $1,000 for artwork in City...
Question:
14. Suppose that 40 percent of the voting population wish to spend $1,000 for artwork in City Hall, 25 percent wish to spend $20,000, and 35 percent wish to spend $22,000. What is the median preferred outcome, the average preferred outcome, and the modal preferred outcome?
a. $1,000; $14,333; $1,000
b. $20,000; $20,000; $22,000
c. $20,000; $13,100; $1,000
d. $1,000; $20,000; $22,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Study Guide For N. Gregory Mankiw's Principles Of Microeconomics
ISBN: 9783030019983
5th Edition
Authors: David R. Hakes
Question Posted: