In a survey of voters' spending preferences for artwork in City Hall, 40% favor Rs1,000, 25% prefer Rs20,000, and 35% choose Rs22,000. What are the median, mean, and mode of these spending amounts respectively?

Multiple choice question for Asymmetric Information. Select an option, then review the explanation below.

Explanation

The median value is Rs20,000 because it lies in the middle of the cumulative distribution. The mean is calculated as (0.4 * 1,000) + (0.25 * 20,000) + (0.35 * 22,000) = Rs13,100. The mode is Rs1,000 since it has the highest frequency (40%).

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In a survey of voters' spending preferences for artwork in City Hall, 40% favor Rs1,000, 25% prefer Rs20,000, and 35% choose Rs22,000. What are the median, mean, and mode of these spending amounts respectively?

Explanation

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