Question 5
Tools of Economic AnalysisThe range is used to
- A.estimate the mean from grouped data
- B.determine the spread of a set of data
- C.calculate the standard deviation
- D.measure the difference between the mean and the mode
Show the answer and explanation
Answer: B (determine the spread of a set of data)
Explanation
The range is the difference between the highest and lowest values, so it shows how spread out the data are.