For the Following Problems, Consider This Frequency Table of Survey

question 41

Short Answer

For the following problems, consider this frequency table of survey data:
$\begin{array}{|l|l|l|l|}\hline & F & \text { rel. } f & \text { cum. } f \\\hline \mathbf{1} & 2 & 0.15 & 0.15 \\\hline \mathbf{2} & 3 & 0.23 & 0.38 \\\hline \mathbf{3} & 3 & 0.31 & 0.69 \\\hline \mathbf{4} & 4 & 0.23 & 0.92 \\\hline \mathbf{5} & 1 & 0.08 & 1.00 \\\hline\end{array}$
-What is the standard deviation of the sample described by this frequency table?

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Definitions:

Perfectly Inelastic

A situation where the demand or supply for a good does not change in response to changes in price.

Demand Curve

A graph that shows the relationship between the quantity of a good demanded and its price.

Completely Vertical

In economics, this can refer to a supply curve that is perfectly vertical, indicating that the quantity supplied is completely unresponsive to changes in price.

Price Elasticity of Demand

The extent to which the demand for a good adjusts in response to price fluctuations.