Find the Mode(s) for the Given Sample Data $$\begin{array} { l l l l l l l l l } 51 & 61 & 62 & 57 & 50 & 67 & 68 & 58 & 53\end{array}$$

question 30

Multiple Choice

Find the mode(s) for the given sample data.
-Last year, nine employees of an electronics company retired. Their ages at retirement are listed below. $$\begin{array} { l l l l l l l l l } 51 & 61 & 62 & 57 & 50 & 67 & 68 & 58 & 53\end{array}$$

• A) 58.6 yr
• B) no mode
• C) 51 yr, 61 yr, 62 yr, 57 yr, 50 yr, 67 yr, 68 yr, 58 yr, 53 yr
• D) 58 yr

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Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a profit above the opportunity cost.

Explicit and Implicit Costs

Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.

Marginal Costs

The cost of producing one additional unit of a good or service, reflecting the change in total cost that comes from a one unit increase in output.

Marginal Benefits

The additional benefit received from consuming or producing one more unit of a good or service.