The Following Data Reflect the Number of Customers Who Test

question 57

Multiple Choice

The following data reflect the number of customers who test drove new cars each day for a sample of 20 days at the Redfield Ford Dealership. Given these data, what is the interquartile range?

• A) 3
• B) 7
• C) 4
• D) 14

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Definitions:

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or output.

Total Revenue

The overall amount of money generated by a firm from its sales activities before any expenses are subtracted.

Marginal Cost Curve

It illustrates the change in total cost that arises when the quantity produced is incremented by one unit; this is the cost of producing one additional unit of a good.

Short-Run Supply

The supply provided by firms in the short term when at least one input, usually capital, is fixed.