Find the Percentile for the Data Point A)87
B)89
C)34
D)85

question 123

Multiple Choice

Find the percentile for the data point.
-The test scores of 40 students are listed below. Find P85. $$\begin{array} { l l l l l l l l l l } 30 & 35 & 43 & 44 & 47 & 48 & 54 & 55 & 56 & 57 \\59 & 62 & 63 & 65 & 66 & 68 & 69 & 69 & 71 & 72 \\72 & 73 & 74 & 76 & 77 & 77 & 78 & 79 & 80 & 81 \\81 & 82 & 83 & 85 & 89 & 92 & 93 & 94 & 97 & 98\end{array}$$

• A)87
• B)89
• C)34
• D)85

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, reaching a state of balance where there are no surplus or shortage.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting gains from trade.

Price Ceiling

A government-imposed limit on the maximum price that can be charged for a product or service.

Price Floor

A government-imposed minimum price charged for a commodity, intended to protect producers by ensuring prices do not fall below a certain level.