Instruction 3-4 The Ordered Array Below Represents the Number of Cargo Manifests

question 106

Short Answer

Instruction 3-4
The ordered array below represents the number of cargo manifests approved by customs inspectors at the Port
of Brisbane in a sample of 35 days.
16, 17, 18, 18, 19, 20, 20, 21, 21, 21, 22, 22, 22, 22, 23, 23, 23, 23, 24, 24, 24, 25, 25, 26, 26, 26, 27, 28, 28, 29, 29, 31, 31, 32, 32
Note: For this sample, the sum of the observations is 838, the sum of the squares of the observations is 20,684, and the sum of the squared differences between each observation and the mean is 619.89.
-Referring to Instruction 3-4,the standard deviation of the customs data is_____________ .

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Rational

Related to decision-making, denotes behavior in accordance with logic or reason, where choices are made to maximize self-interest or outcome.

Inelastic

Characterizing a situation where a change in price leads to a relatively small change in the quantity demanded or supplied.

Share of Income

The portion of total income (either personal or national) that is received by an individual, household, or socioeconomic group.