The Number of Phone Calls Arriving at a Switchboard Each

question 14

Multiple Choice

The number of phone calls arriving at a switchboard each hour has been recorded, and the following frequency distribution has been developed.
$$\begin{array} { l c } \text { Class Interval } & \text { Frequency } \\20 \text {-under } 40 & 30 \\40 \text {-under } 60 & 45 \\60 \text {-under } 80 & 80 \\80 \text {-under } 100 & 45\end{array}$$
What is the midpoint of the last class?

• A)80
• B)100
• C)95
• D)90
• E)85

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.

Firm's Willingness

A company's propensity to engage in certain actions based on its economic interests and goals.

Consumer Surplus

The discrepancy between what consumers are prepared and capable of paying for a product or service and the actual amount they end up spending.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they place on it.