Last Year, a Road Construction Firm Hired 11 New Employees $\begin{array} { l l l l } 23 & 19 & 30 & 33 \end{array}$

question 57

Short Answer

Last year, a road construction firm hired 11 new employees. Their ages at hiring are listed below. Find the mean hiring age to one decimal place. $\begin{array} { l l l l } 23 & 19 & 30 & 33 \end{array}$
$\begin{array} { l l l l } 27 & 31 & 58 & 22 \end{array}$
$\begin{array} { l l l } 21 & 26 & 29 \end{array}$

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Definitions:

Adverse Selection

A situation in which one party in a transaction has more or better information than the other, leading to an imbalance and potentially unfair outcomes.

Insured Drivers

Individuals who have obtained an insurance policy that covers them against financial loss or liability resulting from car accidents or theft.

Allocative Efficiency

The state of resource allocation where goods and services are distributed according to consumer preferences and utility maximization.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.