Prepare a Frequency Distribution of the Following Data, Showing the Number

question 55

Essay

Prepare a frequency distribution of the following data, showing the number of popsicles produced:
$$\begin{array} { | l | l | l | l | l | } \hline 1,000 & 8,000 & 4,000 & 6,000 & 5,000 \\\hline 6,000 & 2,000 & 7,000 & 6,000 & 6,000 \\\hline 9,000 & 3,000 & 9,000 & 5,000 & 2,000 \\\hline 10,000 & 7,000 & 10,000 & 7,000 & 6,000 \\\hline\end{array}$$

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Definitions:

Utility Function

A mathematical representation that ranks preferences over a set of goods and services, showing the level of satisfaction or utility a consumer receives.

Income

Revenue received, on a consistent basis, from occupational or investment sources.

Preferences

Preferences refer to an individual's subjective tastes or desires, ranking goods or outcomes in order of choice or desirability in decision making or consumption.

Utility Function

Describes how different combinations of goods or outcomes are valued by an individual, helping to predict choice under uncertainty.