The Following Are the Weekly Amounts of Welfare Payments Made

question 121

Multiple Choice

The following are the weekly amounts of welfare payments made by the federal government to a
Sample of six families: $139, $136, $130, $136, $147 and $136. What is the range?

• A) $0
• B) $14
• C) $52
• D) $17
• E) $147

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Definitions:

Price Elasticity

A measure of how the quantity demanded of a good responds to a change in the price of that good.

Profit-maximizing Price

The price level at which a firm can maximize its profit, calculated where marginal cost equals marginal revenue.

Elasticity of Demand

The measure of how much the quantity demanded of a good or service changes in response to a change in its price.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.