Find the Mean for the Following Data Set: 25 24

question 115

Multiple Choice

Find the mean for the following data set: 25 24 21 13 14 15

• A) 12
• B) 18
• C) 18.7
• D) 4.9

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Definitions:

Substitution

In economics, the process by which a good or service is replaced with another due to changes in price, preferences, or availability.

Indifference Curves

Graphical representations of different bundles of goods between which a consumer is indifferent, showing preferences over commodities.

Indifference Curves

Graphical representations in microeconomic theory depicting combinations of two goods between which a consumer is indifferent because they provide equal utility.

Bundles

Combinations of goods or services sold as a single package, often at a discounted rate compared to purchasing each item separately.