During a Budget Meeting, Local School Board Members Decided to Review

question 85

Essay

During a budget meeting, local school board members decided to review class size
information to determine if budgets were correct. Summary statistics are shown in the
table. $$\begin{array} { | c | c | } \hline \bar { x } & 33.39 \text { students } \\\hline s & 5.66 \text { students } \\\hline \text { min } & 17 \\\hline \text { Q1 } & 29 \\\hline \text { median } & 33 \\\hline \text { Q3 } & 40 \\\hline \text { max } & 40 \\\hline\end{array}$$
a. Notice that the third quartile and maximum class sizes are the same. Explain how this
can be.
b. The school district declares that classes with enrollments fewer than 20 students are "too
small". Would you consider a class of 20 students to be unusually small? Explain.
c. The school district sets the office supply budgets of their high schools on the enrollment
of students. The district budgets each class $12 plus $0.75 per student, so a class with one
student receives $12.75 and the classes with 40 students rec $$12 + 0.75 ( 40 ) = \$ 42$$
. What is
the median class budget for office supplies? And the IQR?
d. What are the mean and standard deviation of the class office supply budgets?

Recognize the relationship between elasticity and total revenue.

Derive implications of elasticity for marketing and pricing strategies.

Explore the impact of elasticity on tax incidence.

Understand the concept of elasticity in economics and its applications to demand and supply.

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Definitions:

Attaches

The process or moment when a legal right, interest, or lien is officially joined or connected to property or assets.

Secured Interest

A legal claim or lien on assets which is established to secure payment or performance of an obligation.

Default

Failure to fulfill a legal obligation, especially failing to make a required payment or perform a contractual duty.

Court Order

A directive issued by a judge that requires a party to do or abstain from doing something.