Suppose you are the manager of a pizza restaurant chain. You are planning to open new outlets in Mumbai and New Delhi. You know the prices of the cheapest pizza from other outlets in each city. You are given the task of setting competitive prices for your menu.Pizza Prices in Mumbai (₹) Pizza Prices in Delhi (₹)480 500450 330350 340220 1,800350 250- 210 Question 4/4MandatoryMode What is the mode for Mumbai and Delhi?Mumbai: ₹350, Delhi: No modeMumbai: ₹350, Delhi: ₹340Mumbai: ₹420, Delhi: No ModeMumbai: No mode, Delhi: No mode
Question
Suppose you are the manager of a pizza restaurant chain. You are planning to open new outlets in Mumbai and New Delhi. You know the prices of the cheapest pizza from other outlets in each city. You are given the task of setting competitive prices for your menu.Pizza Prices in Mumbai (₹) Pizza Prices in Delhi (₹)480 500450 330350 340220 1,800350 250- 210 Question 4/4MandatoryMode What is the mode for Mumbai and Delhi?Mumbai: ₹350, Delhi: No modeMumbai: ₹350, Delhi: ₹340Mumbai: ₹420, Delhi: No ModeMumbai: No mode, Delhi: No mode
Solution
The mode is the value that appears most frequently in a data set. A set of data may have one mode, more than one mode, or no mode at all.
For Mumbai: The prices are ₹480, ₹450, ₹350, ₹220, ₹350. The price that appears most frequently is ₹350. So, the mode for Mumbai is ₹350.
For Delhi: The prices are ₹500, ₹330, ₹340, ₹1,800, ₹250, ₹210. None of the prices appear more than once, so there is no mode for Delhi.
So, the correct answer is: Mumbai: ₹350, Delhi: No mode.
Similar Questions
Suppose you are the manager of a pizza restaurant chain. You are planning to open new outlets in Mumbai and New Delhi. You know the prices of the cheapest pizza from other outlets in each city. You are given the task of setting competitive prices for your menu.
Suppose you are the manager of a pizza restaurant chain. You are planning to open new outlets in Mumbai and New Delhi. You know the prices of the cheapest pizza from other outlets in each city. You are given the task of setting competitive prices for your menu.Pizza Prices in Mumbai (₹) Pizza Prices in Delhi (₹)480 500450 330350 340220 1,800350 250- 210 Question 3/4MandatoryMedianWhat is the median price for Mumbai and Delhi, respectively?₹350 and ₹335₹350 and ₹330₹220 and ₹340₹420 and ₹330
Suppose you are the manager of a pizza restaurant chain. You are planning to open new outlets in Mumbai and New Delhi. You know the prices of the cheapest pizza from other outlets in each city. You are given the task of setting competitive prices for your menu.Pizza Prices in Mumbai (₹) Pizza Prices in Delhi (₹)480 500450 330350 340220 1,800350 250- 210 Question 2/4MandatoryCentral TendenciesWhy do you think the mean price for Delhi is higher than the mean price for Mumbai?
The market structure of the local pizza industry is best characterised by monopolistic competition. Pizza Shack is one of the producers in the local market.The market demand for Pizza Shack is: Qd = 225 – 10P.Pizza Shack’s cost function is: C(Q) = 0.15Q^2Where Q^2 refers to q squared2. Re-write the demand function in price form: Blank 1. Fill in the blank, read surrounding text.
The market structure of the local pizza industry is best characterised by monopolistic competition. Pizza Shack is one of the producers in the local market.The market demand for Pizza Shack is: Qd = 225 – 10P.Pizza Shack’s cost function is: C(Q) = 0.15Q^2NOTE: Q^2 refers to q squared1. Monopolistic competition is characterised by Blank 1. Fill in the blank, read surrounding text. and free entry and exit.
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