Use the Following to Answer Questions

question 32

Short Answer

Use the following to answer questions :
The following data represent the ages of 15 people buying lift tickets at a ski area.
15 25 26 17 38 16 74 41 30 24 28 40 20 34 31
-What is the range of these data?

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Definitions:

Short-Run Supply

The supply of goods that exists when producers are able to change the quantity of the good produced in response to changing prices, typically within a limited time frame.

Curve

A graphical representation of the relationship between two or more variables in a coordinate system, often used in economics to illustrate supply and demand.

Shutdown Point

The level of operation at which a company does not benefit from continuing operations and may decide to temporary halt production—it's where marginal cost equals average variable cost.

Lowest Price

The minimum amount at which a product or service is sold, often determined by costs, competition, and market demand.