The Age of Customers at a Local Hardware Store Follows

question 100

Multiple Choice

The age of customers at a local hardware store follows a uniform distribution over the interval from 18 to 60 years old. Find the average age of customers to this hardware store.

• A)45 years old
• B)60 years old
• C)39 years old
• D)50 years old

---

Definitions:

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning each combination offers the same level of utility or satisfaction.

Highest Possible Price

The maximum price that a product or service can achieve in a market under current conditions.

Lowest Possible Price

the minimum price at which a good or service is offered, considering all factors including cost, demand, and competition.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in income.