The Following Data Represent the Total Price, in Dollars, of 20

question 23

Multiple Choice

The following data represent the total price, in dollars, of 20 randomly-selected gasoline purchases at a certain convenience store.
$\begin{array} { l l l l l l l l l l } \hline 21.65 & 32.07 & 39.46 & 42.22 & 14.00 & 43.02 & 47.81 & 41.60 & 11.99 & 42.34 \\16.40 & 44.80 & 30.04 & 45.22 & 42.16 & 49.39 & 29.51 & 33.42 & 43.97 & 46.61 \\\hline\end{array}$
Find the median price for these purchases.

• A)$41.88
• B)$35.88
• C)$130.84
• D)$37.40

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Definitions:

Costs

The expenses or value sacrificed in the production or procurement of goods and services.

AVC

Average Variable Cost, which is the total variable costs divided by quantity of output produced.

ATC

Average Total Cost; the sum of all production costs divided by the quantity of output produced.

Perfectly Competitive Firm

A business operating in a market where there are many buyers and sellers, all selling identical products, with no barriers to entry or exit.