The Following Frequency Table Summarizes the Ages of 60 Shoppers

question 10

Essay

The following frequency table summarizes the ages of 60 shoppers at the local farmer's market. The estimated mean is 36.25,and the estimated standard deviation is 13.57.Calculate the expected frequencies for each interval,assuming a normal distribution.

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Definitions:

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied, resulting in market balance.

Legal Price

A price that is established by law or regulation, rather than determined by the market.

Total Surplus

The sum of consumer surplus and producer surplus, reflecting the total net benefit to society from the production and consumption of goods or services.

Quantity Demanded

The specific amount of a good or service that consumers are willing and able to purchase at a given price, during a particular period.