Using the Data Set Below,answer the Questions That Follow -What Is the Mean?
A)69
B)63
C)26
D)67

question 45

Multiple Choice

Using the data set below,answer the questions that follow.
$$\begin{array} { c c c } \text { Score } & \text { Tally } & \text { Frequency } \\76 & 11111 & 5 \\72 & 1 & 1 \\69 & 1 & 1 \\68 & 11 & 2 \\67 & 1 & 1 \\52 & 1 & 1 \\51 & 1 & 1 \\50 & 1 & 1\end{array}$$
-What is the mean?

• A)69
• B)63
• C)26
• D)67

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Definitions:

Implicit Costs

The opportunity costs that arise from using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Normal Profit

The lowest amount of profit a company must earn to stay competitive and cover its opportunity costs.

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.