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Descriptive Statistics: Ages
Variable Mean StDev Minimum Q1 Median Q3 Maximum
Ages 23.56 8.97 17.00 18.25 21.00 23.75 49.00
1) Describe the shape of the data
2) What percentage of data would you expect to find within two standard deviations of the mean?
3) Between what values does at least 89% of the data fall?
4) Between what two values do the middle 50% of the data lie?
Explain how the EOQ technique helps explain the following: All things being equal, the production inventory quantity will be larger than the economic order quantity.
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