The Following Data Represent the Scores of 50 Students on a Statistics

question 143

Essay

The following data represent the scores of 50 students on a statistics exam. The mean score is 80.02, and the standard deviation is 11.9. $$\begin{array} { l l l l l l l l l l } 39 & 51 & 59 & 63 & 66 & 68 & 68 & 69 & 70 & 71 \\71 & 71 & 73 & 74 & 76 & 76 & 76 & 77 & 78 & 79 \\79 & 79 & 79 & 80 & 80 & 82 & 83 & 83 & 83 & 85 \\85 & 86 & 86 & 88 & 88 & 88 & 88 & 89 & 89 & 89 \\90 & 90 & 91 & 91 & 92 & 95 & 96 & 97 & 97 & 98\end{array}$$ Use the z-score method to identify potential outliers among the scores.

Differentiate between absolute and comparative advantages in international trade.

Analyze the impact of trade policies on national economies.

Understand the role of exchange rates and balance of trade in international economics.

Evaluate the arguments for and against free trade.

---

Definitions:

Unit Elastic

A situation in which the quantity demanded or supplied changes by an equal percentage as the change in price.

Price Elasticity

A measure of how much the quantity demanded of a product changes in response to a change in the product's price.

Demand

The consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.

Price Elastic

Describes a situation where the quantity demanded or supplied of a good or service changes significantly due to changes in its price. Highly elastic means a small price change makes a big difference in demand or supply.