The Following Data Represent the Weights (In Kilograms) of a Sample

question 104

Essay

The following data represent the weights (in kilograms) of a sample of 30 horses:
Weight
165
175
150
155
173
149
145
153
153
153
152
145
164
143
170
175
148
174
171
156
166
168
152
150
173
168
146
155
172
159
Determine the location and value of the 65th percentile of the weights.

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Definitions:

Allocative Efficiency

A state in which resources are allocated in a way that maximizes the overall utility or welfare of society, ensuring that every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.

Productive Efficiency

A situation where an economy or entity is operating in such a way that it cannot produce more of one good without decreasing the production of another good.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing surplus value created by a firm.

Excess Capacity

A situation where a firm or industry has more production resources available than is necessary to produce the current level of output, often indicating inefficiency.