For the Following Frequency Distribution $$\begin{array}{l}\text { Class } & \text { Frequency }\\45 - 47 & 3 \\48 - 50 & 6 \\51 - 53 & 8 \\54 - 56 & 2 \\57 - 59 & 1\end{array}$$

question 6

Essay

For the following frequency distribution, $$\begin{array}{l}\text { Class } & \text { Frequency }\\45 - 47 & 3 \\48 - 50 & 6 \\51 - 53 & 8 \\54 - 56 & 2 \\57 - 59 & 1\end{array}$$ ​
a.
Compute the mean.
b.
Compute the standard deviation. (Assume the data represent a population.)

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The discrepancy between the price at which producers are inclined to sell a product and the actual price they get, frequently viewed as an indicator of the well-being of producers.

Tax

A mandatory monetary fee or a different kind of tax placed on an individual or entity by a government agency.

Producer Surplus

The gap between the minimum amount that sellers are prepared to accept for a product or service and the higher price they actually get.