Compute the Expected Age $\mu$ Of a British Nurse in 1851

question 28

Multiple Choice

Compute the expected age $\mu$ of a British nurse in 1851. Assume that the table below shows the age distribution of nurses in Great Britain in 1851. Round your answer to nearest hundredth. $$\begin{array} { | l | c | c | c | c | c | c | c | } \hline \text { Age range (yr) } & \mathbf { 2 0 } - \mathbf { 2 9 } & \mathbf { 3 0 } - \mathbf { 3 9 } & \mathbf { 4 0 } - \mathbf { 4 9 } & \mathbf { 5 0 } - \mathbf { 5 9 } & \mathbf { 6 0 - 6 9 } & \mathbf { 7 0 } - \mathbf { 7 9 } & \mathbf { 8 0 } + \\\hline \text { Midpoint } ( x ) & 24.5 & 34.5 & 44.5 & 54.5 & 64.5 & 75.5 & 84.5 \\\hline \text { Percent of nurses } & 5.6 \% & 9.8 \% & 19.4 \% & 29.2 \% & 25.1 \% & 9.1 \% & 1.8 \% \\\hline\end{array}$$

• A)54.50
• B)59.50
• C)53.85
• D)53.88
• E)43.88

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Definitions:

Monopoly Power

The ability of a single seller to control the price and supply of a product or service, largely due to the absence of competition.

Monopsony Power

The market power held by a single buyer, allowing it to influence the market price or terms of purchase to its advantage.

Bilateral Monopoly

A market situation involving one seller and one buyer, leading to unique negotiation dynamics over prices and quantities.

AE Curve

The AE curve represents the Aggregate Expenditure in an economy at various levels of income or output, showing the total spending (consumption, investment, government spending, and net exports) at those levels.