Find the Mean of the Data Summarized in the Given

question 89

Multiple Choice

Find the mean of the data summarized in the given frequency distribution.
-The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hours one Monday. The frequency distribution below summarizes the results. Find the mean waiting time. Round your answer to one decimal place.
$$\begin{array} { r | r } \begin{array} { c } \text { Waiting time } \\\text { (minutes) }\end{array} & \begin{array} { c } \text { Number of } \\\text { customers }\end{array} \\\hline 0 - 3 & 14 \\4 - 7 & 13 \\8 - 11 & 14 \\12 - 15 & 8 \\16 - 19 & 6 \\20 - 23 & 3 \\24 - 27 & 3\end{array}$$

• A) 9.7 min
• B) 13.5 min
• C) 9.5 min
• D) 8.7 min

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Definitions:

Profit

The profit made when the income from a business operation surpasses the expenditures, costs, and taxes required to maintain that operation.

Zero Marginal Cost

Zero marginal cost describes a situation where producing one additional unit of a good or service does not increase the total cost of production.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, which are incurred regardless of the quantity produced.

Patent

A legal right granted by a government to an inventor, giving the holder exclusive rights to use, sell, and manufacture the invention for a certain period of time.