Explain the Difference Between a Frequency Distribution and a Relative

question 66

Essay

Explain the difference between a frequency distribution and a relative frequency distribution. Comment on the differences on the vertical axis scale. Given the same data set and the same classes, will the shapes of the frequency distribution and the relative frequency distribution be the same? You may draw a diagram to support your answer.

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Definitions:

Extensive Form

Extensive form represents a way of describing a game in game theory, showcasing the sequential nature of players' decisions and possible strategies.

Perfect Information

A market condition where all participants have access to all necessary information to make informed decisions.

Stackelberg Duopoly

A market structure where two firms compete with one another with one firm establishing itself as a leader by setting its output or price first, and the other firm acting as a follower.