The Life Expectancies, in Years, in Ten Selected Central and South

question 50

Multiple Choice

The life expectancies, in years, in ten selected Central and South American countries are given at the below.
a. Find the mean life expectancy in this group of countries.
b. Find the median life expectancy in this group of countries.
$$\begin{array} { c c } \text { COUNTRY } & \text { LIFE } \\& \text { EXPECTANCY } \\\text { Brazil } & 73 \\\text { Chile } & 77 \\\text { Costa Rica } & 77 \\\text { Ecuador } & 77 \\\text { Guatemala } & 82 \\\text { Panama } & 85 \\\text { Peru } & 82 \\\text { Trinidad and Tobago } & 60 \\\text { Uruguay } & 88 \\\text { Venezuela } & 74\end{array}$$

• A) Mean: 80.5 years; median: 80 years
• B) Mean: 81.5 years; median: 79 years
• C) Mean: 78.5 years; median: 78 years
• D) Mean: 77.5 years; median: 77 years
• E) Mean: 79.5 years; median: 76 years

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Definitions:

Total Revenue

The total income generated by a company from the sale of goods or services before any expenses are subtracted.

Economies of Scale

Cost advantages that enterprises obtain due to the scale of their operations, leading to a reduction in average costs per unit as output increases.

Decreasing Marginal Product

A principle where each additional unit of input results in a smaller increase in output, after a certain point, indicating declining efficiency.

Total Cost Curve

A graphical representation that illustrates how the total cost of producing a good changes in relation to the quantity produced, considering both fixed and variable costs.