The Number of Miles Traveled by an Experimental Tire Before

question 250

Multiple Choice

The number of miles traveled by an experimental tire before it became unfit for use is recorded below. Find the mean. Please round your answer to the nearest integer. 8,455, 22,190, 15,034, 32,162, 9,163, 25,060, 32,192, 38,165, 18,135, 34,189, 38,248, 37,077, 14,184, 42,180, 19,184, 33,339, 38,166, 28,046, 20,202, 34,407, 35,101, 40,008, 29,221, 32,220, 33,210

• A) mean = 28,379
• B) mean = 28,382
• C) mean = 28,392
• D) mean = 28,377
• E) mean = 28,390

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Definitions:

Dictator Game

Rephrased: An experiment in behavioral economics where an individual (termed the "dictator") decides the allocation of a certain resource or amount of money between themselves and a second participant, without any enforceable consequences.

Ultimatum Game

A game in experimental economics where a proposer is given a sum of money to split with a responder; if the responder rejects the offer, both players get nothing, highlighting negotiation and fairness perceptions.

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest inadvertently benefits society at large.

Neoclassical Economists

Economists dedicated to analyzing how goods, outputs, and distribution of income in markets are dictated by supply and demand forces.