A Sample of 12 Construction Workers Has a Mean Age

question 171

Essay

A sample of 12 construction workers has a mean age of 25 years.Suppose that the sample is enlarged
to 14 construction workers,by including two additional workers having common age of 25 each.
Find the mean of the sample of 14 workers.

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Definitions:

Adverse Selection

A situation in consumer choice in which asymmetric information leads to the selection of undesirable alternatives by one party.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire, providing compensation to policy holders for the repair or replacement of affected property.

Low-risk

Refers to investments or economic decisions that have a low probability of resulting in financial loss.

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