Using a Strict Interpretation of the Relevant Criteria Characterizing a Normal

question 52

Essay

Using a strict interpretation of the relevant criteria characterizing a normal distribution,does the frequency
distribution below appear to have a normal distribution? Does the distribution appear to be normal if the
criteria are interpreted very loosely? $$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Closing Share } \\\text { Price }\end{array} & \text { Frequency } \\\hline 0 - 5 & 2 \\6 - 10 & 5 \\11 - 15 & 15 \\16 - 20 & 27 \\\hline\end{array}$$

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Definitions:

Quantity

The amount or number of a material or immaterial good that is considered separately.

Consumer Surplus

The gap between the total sum consumers can and will pay for a good or service versus what they actually spend.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, measured above the supply curve.

Market Equilibrium

Market equilibrium occurs when the quantity demanded by consumers perfectly matches the quantity supplied by producers, resulting in no excess supply or demand within the market.