Use the Following to Answer Questions

question 1

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 value of the lower inner fence?

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Definitions:

Economic Loss

A situation where revenues from business activities are less than the expenses and costs associated with sustaining the business.

Price of Labor

The wage rate or compensation that employers pay workers in exchange for their labor or services.

Dollar Votes

The concept that consumers show their preferences for products and services by how they spend their money.

Market System

An economic system where prices are determined by the interaction of supply and demand, guiding the allocation of resources and goods.