The Frequency Distribution Below Summarizes the Home Sale Prices in the City

question 23

Multiple Choice

The frequency distribution below summarizes the home sale prices in the city of Summerhill for the month of June. Find the class boundaries for class 80.0-110.9. $$\begin{array} { | c | c | } \hline \text { (Sale price in thousand \$) } & \text { Frequency } \\\hline 80.0 - 110.9 & 2 \\111.0 - 141.9 & 5 \\142.0 - 172.9 & 7 \\173.0 - 203.9 & 10 \\204.0 - 234.9 & 3 \\235.0 - 265.9 & 1 \\\hline\end{array}$$

• A) 79.90, 110.95
• B) 79.95, 110.95
• C) 80.00, 110.95
• D) 79.90, 111.0

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Definitions:

Deadweight Loss

The decrease in economic productivity that happens when a good or service does not reach, or cannot reach, its equilibrium point.

Consumer Surplus

The difference between the maximum amount consumers are willing to pay for a good or service and the actual amount they do pay.

Tax Revenue

The wealth accumulated by governments through the process of taxation.

Consumer Surplus

Consumer surplus is the difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.