Your company is doing market research to assess the feasibility of a new product.The market research team gathers pricing information of all the existing products 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 a class width of 0.25 is used,then the class mark of the first class interval will be
A) 20.50
B) 20.59
C) 20.63
D) 21.75
E) 23.09

Question

Quizplus · Accepted Answer

To find the class mark of the first class interval, we need to start by determining the range of the data:

Range = Highest value - Lowest value
Range = $22.95 - $20.59
Range = $2.36

Next, we need to determine the number of classes using the class width of 0.25:

Number of classes = Range / Class width
Number of classes = $2.36 / $0.25
Number of classes = 9.44
Number of classes ≈ 10

Now we can calculate the width of each class interval:

Class width = Range / Number of classes
Class width = $2.36 / 10
Class width = $0.236

Finally, we can calculate the class mark of the first class interval:

Class mark = Lower limit + (Class width / 2)
Class mark = $20.50 + ($0.236 / 2)
Class mark = $20.63

Therefore, the best choice is C) 20.63.

Your Company Is Doing Market Research to Assess the Feasibility