(a) The frequency distribution shows the range of prices of a brand of a car sold by a dealer and the corresponding quantity demanded.
|
Price (N1,000,000.00 |
1.0 – 1.9 | 2.0 – 2.9 | 3.0 – 3.9 | 4.0 – 4.9 | 5.0 – 5.9 |
| Number of Vehicles | 23 | 48 | 107 | 90 | 32 |
(b) Represent the information in a histogram and use the histogram to determine the most preferred selling price for the brand of car.
Explanation
(a) The expected table with class boundaries was
|
Price (N1,000,000.00) |
Class Boundaries |
Number of Vehicles |
| 1.0 - 1.9 | 0.95 - 1.95 | 23 |
| 2.0 - 2.9 | 1.95 - 2.95 | 48 |
| 3.0 - 3.9 | 2.95 - 3.95 | 107 |
| 4.0 - 4.9 | 3.95 - 4.95 | 90 |
| 5.0 - 5.9 | 4.95 - 5.95 | 32 |
(b) From the first graph, the most preffered selling price for the brand of car is 2.95 + 0.75 = 3.70
= N1,000,000 x 3.70 = N3,700,000.00