The Following Frequency Distribution Represents the Number of Hours Studied

question 66

Multiple Choice

The following frequency distribution represents the number of hours studied per week by a sample of 50 students. The standard deviation of the number of hours studied is:

• A)1.89
• B)2.79
• C)3.50
• D)3.56

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Definitions:

Consumer Surplus

The shortfall between the total consumers are willing to contribute towards a good or service and the actual contribution.

Tax

A mandatory financial charge or a type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing a measure of producer welfare.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, reflecting the economic benefit to consumers.