Exhibit 3-5
You are given the following frequency distribution. 
-Refer to Exhibit 3-5. The standard deviation is
Definitions:
Immediate Market Period
The length of time during which the producers of a product are unable to change the quantity supplied in response to a change in price and in which there is a perfectly inelastic supply.
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded, often referred to as the market-clearing price.
Equilibrium Quantity
(1) The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; (2) the profit-maximizing output of a firm.
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