Historical Records on a Certain Product Indicate the Following Behavior

question 19

Essay

Historical records on a certain product indicate the following behavior for demand. The data represent the number days that the business was open during 2019 (note that it is possible to have more than 365 days as there are multiple store locations). Convert these data into random number intervals.
$$\begin{array} { | r | r | } \hline \text { Demand } & \text { Frequency } \\\hline 7 & 72 \\\hline 8 & 83 \\\hline 9 & 45 \\\hline 10 & 91 \\\hline 11 & 104 \\\hline\end{array}$$

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Definitions:

Kitchen Equipment

Tools and appliances used in a kitchen for the preparation and cooking of food.

Implicit and Explicit Costs

Implicit costs are indirect, non-monetary expenses related to the use of resources owned by the business, while explicit costs are direct, monetary payments for resources not owned by the firm.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue, representing the net income reported on a company's financial statements.

Explicit Costs

Direct, out-of-pocket payments for expenses incurred in conducting business, such as rent, salaries, and materials.