A Sociologist Recently Conducted a Survey of Senior Citizens Who

question 121

Multiple Choice

A sociologist recently conducted a survey of senior citizens who have net worths too high to qualify for Medicaid but have no private health insurance. The ages of the 25 uninsured senior
Citizens were as follows: $$\begin{array} { l l l l l } 67 & 72 & 65 & 75 & 85 \\73 & 60 & 88 & 64 & 89 \\68 & 91 & 75 & 61 & 80 \\62 & 67 & 80 & 69 & 72 \\59 & 86 & 74 & 63 & 81\end{array}$$ Find the median of the observations.

• A)69
• B)73
• C)72.5
• D)72

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Definitions:

Separating Equilibrium

A situation in a game or market where different types of participants (e.g., buyers and sellers) are sorted into different outcomes based on their types or actions.

Agents

Entities or individuals that act on behalf of others in economic models, making decisions and taking actions to achieve desired outcomes.

Marginal Products

The additional output that results from the use of an additional unit of a productive input, holding other inputs constant.

Pooling Equilibrium

A situation in a signaling game where different types cannot be distinguished by the actions they take, leading everyone to pool together and behave identically.