The March Utility Bills (In Dollars) of 30 Homeowners Are

question 6

Essay

The March utility bills (in dollars) of 30 homeowners are listed below. Construct a frequency distribution and arelative frequency distribution using six classes. $$\begin{array} { l l l l l l l l l l } 44 & 38 & 41 & 50 & 36 & 36 & 43 & 42 & 49 & 48 \\35 & 40 & 37 & 41 & 43 & 50 & 45 & 45 & 39 & 38 \\50 & 41 & 47 & 36 & 35 & 40 & 42 & 43 & 48 & 33\end{array}$$ Provide an appropriate response.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Price Elasticity

The degree to which demand for an item is affected by fluctuations in its cost.