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
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 3/4MandatoryMedianWhat is the median price for Mumbai and Delhi, respectively?₹350 and ₹335₹350 and ₹330₹220 and ₹340₹420 and ₹330
Solution
To find the median price, we first need to arrange the prices in ascending order.
For Mumbai, the prices in ascending order are: ₹220, ₹350, ₹350, ₹450, ₹480. The median price is the middle value, which is ₹350.
For Delhi, the prices in ascending order are: ₹210, ₹250, ₹330, ₹340, ₹500, ₹1,800. Since there is an even number of prices, the median is the average of the two middle values, which is (₹330 + ₹340) / 2 = ₹335.
So, the median price for Mumbai and Delhi is ₹350 and ₹335, respectively.
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.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?
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 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
Why 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 squared5. Differentiate the total cost function to find marginal cost: Blank 1. Fill in the blank, read surrounding text.
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