Suppose that 40 percent of the voting population wish to spent Rs1,000 for artwork in City Hall, 25 percent wish to spent Rs20,000 and 35 percent wish to spend Rs 22,000 What is the median preferred outcome, the average preferred outcome and the modal preferred outcome ?
Correct answer: C. Rs20,000; Rs13,100; Rs1,000
- A. Rs20,000; Rs20,000; Rs22,000
- B. Rs1,000; Rs14,333; Rs1,000
- C. Rs20,000; Rs13,100; Rs1,000
- D. Rs1,000; Rs20,000; Rs22,000
Explanation
The median is Rs20,000 because the cumulative share first exceeds 50% at that preference, while the weighted average is Rs13,100. Rs1,000 is the mode because it is preferred by the largest group, 40%.
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