The Following Data Represent the Ages (In Years) of a Sample

question 20

Essay

The following data represent the ages (in years) of a sample of 25 employees from a government
department: $$\begin{array} { | l | l | l | l | l | l | l | l | l | l | } \hline 31 & 43 & 56 & 23 & 49 & 42 & 33 & 61 & 44 & 28 \\\hline 48 & 38 & 44 & 35 & 40 & 64 & 52 & 42 & 47 & 39 \\\hline 53 & 27 & 36 & 35 & 20 & & & & & \\\hline\end{array}$$ Find the 60th percentile of the ages.

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Definitions:

Perfectly Competitive

A perfectly competitive market is an economic theory of a market where all participants are price-takers, and goods are completely homogeneous, ensuring no single buyer or seller has market power.

Economic Profits

The financial gains that are realized when total revenues exceed total costs, including both explicit and implicit costs.

Accounting Profits

The net earnings of a company as calculated by subtracting all explicit costs from total revenues, according to standard accounting practices.

Fixed Costs

Costs that do not vary with the level of output or production, such as rent or salaries.