Use the Following to Answer Questions

question 66

Short Answer

Use the following to answer questions :
The following table gives the frequency distribution of test scores for a math class of 30 students.

-The number of classes in this frequency table is:

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Definitions:

Consumer Surplus

The contrast between the aggregate amount buyers are willing to shell out for a good or service and the total they actually do.

Total Surplus

The combined benefit that both consumers and producers receive from a transaction, comprising consumer and producer surplus.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e., the market price).

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, often reflecting gains from trade.