Liam Wants to Buy Some Milk and a Box of Cereal

question 75

Multiple Choice

Liam wants to buy some milk and a box of cereal. If Liam buys 4 gallons of milk at $3.00 per gallon, the box of cereal costs $2.00. If he buys 5 gallons of milk, the box of cereal is free. For Liam, the marginal cost of buying a fifth gallon of milk is

• A) zero.
• B) $1.00.
• C) $2.00.
• D) $3.00.

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Definitions:

1st Quartile

The value below which 25% of the data points in a dataset fall, indicating the lower quarter of the data.

3rd Quartile

Also known as the upper quartile, it is the value below which 75% of the data in a dataset falls.

Symmetric Distribution

A distribution where the left and right sides of the distribution are mirror images of each other.

Median

The middle value of a dataset, which divides the dataset into two halves when the numbers are arranged in ascending order.