A Data Set Contains the Observations 8, 3, 2, 6 $\sum ( x - 5 )$

question 86

Multiple Choice

A data set contains the observations 8, 3, 2, 6, 7. Find $\sum ( x - 5 )$

• A) 1
• B) 51
• C) 31
• D) 21

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used to generate wealth through investment or production.

Factor Substitution Effect

The process by which firms replace factors of production (like labor and capital) with others due to changes in relative prices or technology.

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs to inputs in the production process.

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially for manual or unskilled work.