The Ages of Five Randomly Chosen Professors Are 47, 55

question 148

Essay

The ages of five randomly chosen professors are 47, 55, 52, 63, and 66. Calculate the
sample variance of these ages.

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Definitions:

Market Price

Market price is the price at which a good or service is bought and sold in the marketplace, determined by the forces of supply and demand.

Long-Run Equilibrium

A state in which all inputs can be adjusted by firms, and no firm has an incentive to change its production level, leading to a stable economic condition.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Economic Losses

Financial losses suffered by an individual or organization, often as a result of unfavorable business conditions or activities.