Find the Range for the Given Sample Data $$\begin{array} { l l l l l } \$ 2401 & \$ 2496 & \$ 1419 & \$ 1913 & \$ 1266\end{array}$$

question 22

Multiple Choice

Find the range for the given sample data.
-Jorge has his own business as a painter. The amounts he made in the last five months are shown below. $$\begin{array} { l l l l l } \$ 2401 & \$ 2496 & \$ 1419 & \$ 1913 & \$ 1266\end{array}$$

• A) $982
• B) $1230
• C) $1135
• D) $1077

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Definitions:

Market Supply

The total amount of a specific good or service that is available to consumers in a market at a given time and price.

Equilibrium Price

Equilibrium price is the price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market stability.

Consumer Surplus

The difference in the total expected payment consumers are ready to make for a good or service and their actual expenditures.

Producer Surplus

The difference between the actual amount received by sellers for a product and the least amount they would be willing to accept, representing the net benefit to producers.