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Answer:
$84.86
Explanation:
I'm guessing they want you to find the standard deviation.
It would be easy to do this in a statistical calculator, but I suspect they want you to do it by hand.
Here are the steps for a manual calculation.
1. Count the elements in the data set
N = 8
2 Calculate the sum of the data set
3. Calculate the mean
4. Calculate the standard deviation
(a) Subtract the mean from each data point
(b) Square the differences
(c) Add the squares of the differences
(d) Divide the sum by the number of terms
(e)Take the square root of the result
We can set up a table to organize the calculations.
Answer: 1.60
Explanation:
P1 = 30
P2 =50
Q1 = 6
Q2 = 16
Elasticity of supply:
= 1.60
Using the midpoint method, the elasticity of Deborah’s labor supply between the wages of $30 and $50 per hour is approximately 1.60, which means that Deborah’s supply of labor over this wage range is elastic.