Examlex
The numbers of rooms for 15 homes recently sold were:
8, 8, 8, 5, 9, 8, 7, 6, 6, 7, 7, 7, 7, 9, 9
-What is the median?
Competitive Equilibrium
A state in a market-based economy where supply equals demand, meaning all buyers and sellers are satisfied at the current price level and quantity of goods.
Feasible Allocation
is a concept in economics that refers to the division of resources or goods among various uses or people in a way that is possible given the resources available.
Utility Function
A mathematical representation in economics that captures the level of satisfaction or utility that consumers derive from consuming goods and services.
Desert Island
A secluded and uninhabited island, often used in scenarios and thought experiments in economics and ethics to explore human behavior in isolation.
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