A sample of 10 members of a video club provides the following data on number of videos they own. Use Excel to answer the questions that follow the data. 
a.What is the point estimate for the mean number of videos owned by all video club members?
b.Determine the point estimate for the standard deviation of the population.
Definitions:
Elastic Supply
Describes a market situation where the quantity supplied changes significantly due to changes in price.
Marginal Cost
The increase in cost that arises from producing one additional unit of a good or service.
Wage Rate
The standard amount of compensation received by employees for services rendered per unit of time, often expressed as an hourly rate or annual salary.
Monopsonist
A market scenario characterized by the presence of a single buyer and multiple sellers, granting significant pricing power to the buyer.
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