Find the Range of the Following Numbers: 62, 20, 34

question 105

Multiple Choice

Find the range of the following numbers: 62, 20, 34, 75, 28, 86, 33, 68

• A) 48
• B) 20 & 86
• C) 66
• D) 50.8

---

Definitions:

Short Run

A time period in economics during which at least one input is fixed and cannot be changed by the firm, contrasting with the long run where all inputs are variable.

Average Variable Cost

The total variable cost divided by the quantity of output produced; it is the cost of producing an additional unit of a good or service.

Purely Competitive

Market structures characterized by many buyers and sellers, where no single entity has the market power to influence the price of a homogeneous product.

Profit-Maximizing

The process by which a firm adjusts its production and sale to achieve the highest possible profit.