Sales range from $340,000 to $520,000. The range of this data set is:
Correct Answer
A) $180,000
Why this is correct: The range is calculated as the difference between the maximum and minimum values: $520,000 - $340,000 = $180,000. It measures dispersion but is sensitive to outliers. Why the other choices are wrong: "$430,000, the midpoint of the two figures" is the midrange, not the range. "$860,000, the sum of the two figures" is simply an incorrect calculation. "Cannot be determined without the mean" is false; range requires only the highest and lowest values. Exam tip: Range = High value - Low value. No other statistics are needed.
Why This Is the Correct Answer
Why this is correct: The range is calculated as the difference between the maximum and minimum values: $520,000 - $340,000 = $180,000. It measures dispersion but is sensitive to outliers. Why the other choices are wrong: "$430,000, the midpoint of the two figures" is the midrange, not the range. "$860,000, the sum of the two figures" is simply an incorrect calculation. "Cannot be determined without the mean" is false; range requires only the highest and lowest values. Exam tip: Range = High value - Low value. No other statistics are needed.
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