The Following List Shows the Age at Appointment of U

question 14

Multiple Choice

The following list shows the age at appointment of U.S. Supreme Court Chief Justices appointed since 1900. Use the data to answer the question.

-Find the mean, rounding to the nearest tenth of a year, and interpret the mean in this context.

• A)The typical age of a U.S. Supreme Court Chief Justice appointed since 1900 is 64.1.
• B)The typical age of a U.S. Supreme Court Chief Justice appointed since 1900 is 61.0.
• C)The typical age of a U.S. Supreme Court Chief Justice appointed since 1900 is 63.0.
• D)The typical age of a U.S. Supreme Court Chief Justice appointed since 1900 is 61.4.

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Definitions:

Economic Profits

Profits exceeding the total opportunity costs of all resources used in production; also known as abnormal or supernormal profits.

Hired Managers

Individuals employed to direct and control the operations, strategies, and policies of a business or organization.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production.

Different Rents

Variations in rental prices, often influenced by factors such as location, demand, and property features.