Question
Given below is a statement, followed by two possible
reasons numbered I and II. Read the statement carefully and decide which of the two reasons explains the event/observation/information given in the statement. Statement: Even though fuel prices have gone down, airlines have not cut down on their ticket prices. Reasons: I) Demand of air travel among consumers is several times more than the availability. II) The Government has uplifted all restrictions on the pricing of air tickets.Solution
Reason I: Demand of air travel among consumers is several times more than the availability. If demand is very high compared to supply, airlines can maintain high ticket prices even if fuel cost decreases. This explains the statement. Reason II: The Government has uplifted all restrictions on the pricing of air tickets. If there are no price restrictions, airlines are free to set ticket prices as they wish. While this is true, it does not directly explain why prices were not reduced despite lower fuel costs. This does not explain the event directly. Answer: Only Reason I explains the statement.
The "standard deviation" is the square root of which other statistical measure?
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Which statistical measure quantifies the average squared deviation of each data point from the mean?
Which type of data can be ordered, but the differences between values are not meaningful (e.g., satisfaction ratings: "Good," "Better," "Best")?
Which numerical method approximates the definite integral of a function by dividing the area under the curve into trapezoids?
In numerical computing, what type of error occurs when a continuous function is approximated by a discrete sum or a finite number of terms?
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