Use the Following Information to Answer the Following Questions

question 107

Multiple Choice

Use the following information to answer the following Questions:
Below are the ages of 15 students in a college class.
27, 50, 33, 25, 86, 25, 85, 31, 37, 44, 20, 36, 59, 34, 28
-What is the median age?

• A) 34
• B) 31
• C) 41.3
• D) 20.6

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Definitions:

Total Variable Cost

The sum of all variable costs (costs that vary with production volume) associated with producing a specific amount of a good or service.

Marginal Cost

The supplementary expense arising from creating another unit of a product or service.

Profit-Maximizing

The process or strategy of adjusting production levels, prices, or other variables to generate the highest possible profit.

Total Cost

The sum of all expenditures incurred by a business to produce and sell a product, including fixed and variable costs.