The Marketing Research Department of a Company Was Asked to Respond

question 85

Essay

The marketing research department of a company was asked to respond to the CEO's question about the average age of consumers of the company's most profitable product.From survey data gathered two years ago,the researchers found the following table.Calculate the average age to give to the CEO.
$\begin{array} { | c | r | } \hline \text { Midpt of Age Class } & \text { N } \\\hline 17.5 & \\\hline 23.5 & 65 \\\hline 29.5 & 100 \\\hline 35.5 & 220 \\\hline 41.5 & 250 \\\hline 52.5 & 120 \\\hline\end{array}$

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Definitions:

Retained Earnings

The portion of a company's profits not distributed to shareholders as dividends but kept within the company to reinvest in business operations or pay down debt.

Average Tax Rate

The total amount of tax paid divided by taxable income.

Taxes

Mandatory financial charges or levies imposed by a government on individuals, entities, or transactions to fund public expenditure.

Taxpayer

An individual or entity obligated to pay taxes to a federal, state, or local government body.