The Mean Age at First Marriage for Respondents in a Survey

question 9

Short Answer

The mean age at first marriage for respondents in a survey is 23.33,with a standard deviation of 6.13.The Z score associated with the top 5% of the distribution is approximately 1.65.What is the observed age at first marriage associated with this Z score?

---

Definitions:

Low Barriers

refer to minimal obstacles or challenges in entering a particular market or industry, facilitating easier entry for new competitors.

Competitive Price-Searcher

A competitive price-searcher is a firm in a market where it must search for an optimal price due to product differentiation, facing a downward-sloping demand curve.

Market Structure

The organization and characteristics of a market, including the number of firms, level of competition, and the distribution of market power.

Efficient Competition

A market scenario where firms can produce the goods and services that consumers demand at the lowest possible cost, maximizing societal welfare.