The Ages of the Machines in One of the Production

question 6

Multiple Choice

The ages of the machines in one of the production lines in your company are exhibited in the frequency distribution table below. Two additional machines have been added to the production line,and the median age of the machines didn't change.
What is the minimum number of new (0-year-old) machines that you need to purchase to change the median age of the machines?

• A) 1
• B) 2
• C) 3
• D) 4
• E) 5

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Definitions:

Engel Curve

A graph showing the relationship between income and expenditure on a particular good, illustrating how spending changes as income changes.

Normal Goods

Goods for which demand increases as consumer income increases, reflecting items that people buy more of as they become wealthier.

Income-Consumption Curve

A graphical representation showing how a consumer's optimal consumption changes in response to changes in income, holding prices constant.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded for it.