TABLE 10- 2 Your Food- Services Company Has Been Named

question 37

Multiple Choice

TABLE 10- 2 Your food- services company has been named as the sole provider of meals at a small university.The cost and demand schedules are: $$\begin{array} { | c | c | c | c | c | } \hline \text { Sold per Day } & \begin{array} { c } \text { Price per } \\\text { Meal }\end{array} & \begin{array} { c } \text { Total } \\\text { Fixed Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Variable Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} \\\hline 0 & \$ 3.50 & \$ 150 & \$ 0 & \$ 0 \\\hline 100 & \$ 3.25 & \$ 150 & \$ 300 & \$ 325 \\\hline 200 & \$ 3.00 & \$ 150 & \$ 500 & \$ 600 \\\hline 300 & \$ 275 & \$ 150 & \$ 650 & \$ 825 \\\hline 400 & \$ 250 & \$ 150 & \$ 750 & \$ 1000 \\\hline 500 & \$ 225 & \$ 150 & \$ 830 & \$ 1125 \\\hline 600 & \$ 200 & \$ 150 & \$ 905 & \$ 1200 \\\hline 700 & \$ 1.75 & \$ 150 & \$ 995 & \$ 1225 \\\hline\end{array}$$
-Refer to Table 10- 2.The marginal cost between 100 and 200 meals per day is

• A)$2.00.
• B)$0.
• C)$1.00.
• D)$3.00.
• E)$1.50.

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Definitions:

Confidence Interval

A variety of numerical values, sourced from sample measurements, that is believed to include the value of a not-yet-known population attribute.

Population Mean

The average value of all the members of a set or population.

Probability

The determination of the odds that an event will happen, shown as a number from 0 to 1.

Sample Mean

The average of all the values in a sample, used as an estimate of the population mean.