Use the Indicated Bin Size to Construct a Frequency Table $\begin{array} { l l l l l l l l l l l l } 96 & 73 & 77 & 62 & 77 & 77 & 96 & 85 & 77 & 68 & 88 & 73 \end{array}$

question 95

Essay

Use the indicated bin size to construct a frequency table for the set of data. Include columns for relative frequency andcumulative frequency.
-On a math test, the scores of 24 students were as follows: $\begin{array} { l l l l l l l l l l l l } 96 & 73 & 77 & 62 & 77 & 77 & 96 & 85 & 77 & 68 & 88 & 73 \end{array}$
$\begin{array} { l l l l l l l l l l l l } 73 & 88 & 77 & 73 & 88 & 77 & 73 & 85 & 73 & 88 & 85 & 62 \end{array}$ $\text { Use ten-point bins } ( 60 - 69,70 - 79 \text {, etc } )$

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Definitions:

Perfect Competitor

A market structure where numerous small firms compete against each other, and products are homogenous, with no single firm able to influence the market price.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not perfect substitutes, leading to some degree of market power.

Long Run

A period in economics where all factors of production and costs are variable, allowing for adjustments in production levels.

Profit-Maximizing

A strategy where a firm determines the price and production level that yields the highest possible profit.