Your company is doing market research to assess the feasibility of a new product.The market research team gathers pricing information of the 60 existing products in the market that would compete with your company's product.The most expensive brand is priced at $22.95, and the least expensive one at $20.59.If the relative frequency of the first class is 0.05 and the cumulative frequency for the second class is 10, then the relative frequency for the second class is
A)0.05
B)0.11
C)0.12
D)0.17
E)1.67

Question

Quizplus · Accepted Answer

The cumulative frequency for the second class is 10, which means 10 out of 60 products fall into the first two classes. The relative frequency of the first class is 0.05, which corresponds to 3 products (0.05 * 60). Therefore, the relative frequency for the second class is (10 - 3) / 60 = 0.12.

Your Company Is Doing Market Research to Assess the Feasibility