Solve the Problem Construct a New Frequency Distribution for This Data with 4

question 78

Essay

Solve the problem.
-Consider the frequency distribution below, which has single values as classes: $$\begin{array} { c | c } \text { Value } & \text { Frequency } \\\hline 10 & 1 \\11 & 3 \\12 & 7 \\13 & 18 \\14 & 10 \\15 & 4 \\16 & 2 \\17 & 7 \\18 & 16 \\19 & 10 \\20 & 6 \\21 & 2\end{array}$$ Construct a new frequency distribution for this data with 4 classes. Now, construct another frequency distribution for this data with 6 classes. Suppose that you construct a histogram corresponding to the original data and histograms corresponding to each of the new frequency distributions. Describe the shapes of the three histograms. Does the histogram with six classes capture the distribution of the data? Does the histogram with four classes capture the distribution of the data?

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Definitions:

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at a given price, often leading to price reductions.

Demand Schedules

Tabular representations showing the quantity of a good or service that consumers are willing and able to purchase at various prices within a specified period.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where supply and demand curves intersect.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price; often leads to price reductions.