For the Following Data Set, Approximate the Sample Standard Deviation

question 6

Multiple Choice

For the following data set, approximate the sample standard deviation of monthly telephone bills (in dollars) . $$\begin{array} { c | c } \text { Bill (in \$) } & \text { Frequency } \\\hline 50 - 52 & 2 \\53 - 55 & 5 \\56 - 58 & 12 \\59 - 61 & 19 \\62 - 64 & 7\end{array}$$

• A) $3.11
• B) $58.60
• C) $93.12
• D) $9.65

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Definitions:

Economic Profits

The financial difference between what a business earns in total revenue and what it spends, considering both explicit and indirect costs.

Implicit Costs

The opportunity costs involved in using resources that a firm already owns, for which it does not make a direct payment.

Accounting Profits

The total revenue of a business minus the explicit costs associated with producing goods or services, not accounting for implicit costs.

Economic Profits

The variance between a company's overall earnings and the sum of its explicit and implicit expenditures.