Four Friends {Joe , Tim , Sam , and Ron

question 4

Short Answer

Four friends {Joe , Tim , Sam , and Ron } have decided to divide up a multi flavored cake which was jointly purchased for $24 using the lone-divider method . the cake is divided into four pieces {s₁ , s₂ , s₃ , and s₄} . the following table gives the dollar walue of each of the slices according to each of the four fiends .

which of the four friends is the divider?

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Definitions:

Fixed Cost

Costs that remain constant in total despite changes in the levels of production or output within a certain range.

Variable Cost

Expenses that vary directly with the level of production or sales volume.

Least-Squares Regression

An analytical technique that identifies the most suitable line by minimizing the sum of the squares of the gaps between the observed and estimated values.

Variable Cost

A cost that changes in proportion to the level of activity or volume of goods produced.