Statistics professor has just given a final examination in his statistical inference course. He is particularly interested in learning how his class of 40 students performed on this exam. The scores are shown below. 
-What are the mean and median scores on this exam?
Definitions:
Backward-Bending
A term often used in labor economics to describe the supply curve of labor, which can bend backwards at higher wage levels, indicating that higher wages can lead to a decrease in labor supply.
Substitution Effect
The economic principle that as the price of a good or service rises (or incomes decrease), consumers will replace pricier items with less costly alternatives, holding the utility derived from consumption constant.
Price Decreases
Price decreases occur when the cost of goods or services goes down, often due to factors like increased competition, lower demand, or decreases in production costs.
Income Effect
The effect of changes in either individual or economic income on the demand levels for goods or services.
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