The Following Frequency Distribution Shows the Distribution of Delivery Times

question 92

Essay

The following frequency distribution shows the distribution of delivery times (in days) for swimstuff.com customer orders during the last month. For 300 observations, our rule-of-thumb for number of classes would indicate 9 classes. In this case, what is the class interval and why would it be reasonable to use that class interval and only 6 classes?

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Definitions:

Reduced Government Spending

A situation where the government decreases its expenditure in various sectors to manage its budget, often affecting public services and investments.

Expansionary Monetary Policy

Government actions to increase the money supply in an effort to cut the cost of borrowing, which encourages business decision makers to make new investments, in turn stimulating employment and economic growth.

Money Supply

The total amount of monetary assets available in an economy at a specific time.

Cost of Borrowing

The total expenses that a borrower incurs to take out a loan, including interest payments, fees, and any other charges.