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Retired Moderator
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The daily closing price of one barrel of oil for first 15 days of a
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23 Sep 2021, 08:06
23 Sep 2021, 08:06
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Question Stats:
41% (02:22) correct
58% (02:32) wrong based on 12 sessions
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The daily closing price of one barrel of oil for first 15 days of a month is given by \(f(x) = 0.4x + 2\). Whereas, for the last 15 days in the same period, the the closing price is given by \(f(x) = \frac{−x}{7} + 9\), where \(x\) represents the day in the period for both the functions.
A. Quantity A is greater
B. Quantity B is greater
C. The two quantities are equal
D. The relationship cannot be determined from the information given
Quantity A |
Quantity B |
Median closing price of one barrel of oil for the entire 30 day period |
7.35 |
A. Quantity A is greater
B. Quantity B is greater
C. The two quantities are equal
D. The relationship cannot be determined from the information given
Retired Moderator
Joined: 16 Apr 2020
Status:Founder & Quant Trainer
Affiliations: Prepster Education
Posts: 1546
Given Kudos: 172
Location: India
WE:Education (Education)
Re: The daily closing price of one barrel of oil for first 15 days of a
[#permalink]
25 Sep 2021, 11:02
25 Sep 2021, 11:02
1
Explanation:
For the first 15 days let us calculate the minimum and maximum closing price
Min. price is when \(x = 1\)
\(f(x) = 0.4(1) + 2 = 2.4\)
Max. price is when \(x = 15\)
\(f(x) = 0.4(15) + 2 = 8\)
Now, let us calculate the minimum and maximum closing price for last 15 days
Min. price is when \(x = 30\)
\(f(x) = \frac{−30}{7} + 9 = 4.71\)
Max. price is when \(x = 16\)
\(f(x) = \frac{−16}{7} + 9 = 6.71\)
Now the median (M) for the 30 day period would be the average of 15th and 16th term arranged in ascending order
i.e. (2.4) .......... (4.71) (M) (6.71) .......... (8)
\(M = \frac{4.71 + 6.71}{2} = 5.71\)
Col. A: 5.71
Col. B: 7.35
Hence, option B
For the first 15 days let us calculate the minimum and maximum closing price
Min. price is when \(x = 1\)
\(f(x) = 0.4(1) + 2 = 2.4\)
Max. price is when \(x = 15\)
\(f(x) = 0.4(15) + 2 = 8\)
Now, let us calculate the minimum and maximum closing price for last 15 days
Min. price is when \(x = 30\)
\(f(x) = \frac{−30}{7} + 9 = 4.71\)
Max. price is when \(x = 16\)
\(f(x) = \frac{−16}{7} + 9 = 6.71\)
Now the median (M) for the 30 day period would be the average of 15th and 16th term arranged in ascending order
i.e. (2.4) .......... (4.71) (M) (6.71) .......... (8)
\(M = \frac{4.71 + 6.71}{2} = 5.71\)
Col. A: 5.71
Col. B: 7.35
Hence, option B
General Discussion
Re: The daily closing price of one barrel of oil for first 15 days of a
[#permalink]
24 Sep 2021, 08:55
24 Sep 2021, 08:55
To find the median we have to arrange the values in ascending order first. How would we even achieve this? I know plugging n the numbers won't work. What is the strategy behind this question?
