(Figure: Revenue Schedule) Demand and Marginal Schedule
in the Figure

question 102

Multiple Choice

(Figure: Revenue Schedule) Demand and Marginal Schedule
In the figure, what is the marginal revenue for the third unit?
$\begin{array}{|l|l|l|}\hline \text { Price } & \text { Quantity } & \begin{array}{l}\text { Total } \\\text { Revenue }\end{array} \\\hline \$ 9 & 0 & 0 \\\hline 8 & 1 & \$ 8 \\\hline 7 & 2 & 14 \\\hline 6 & 3 & 18 \\\hline 5 & 4 & 20 \\\hline\end{array}$

• A) zero
• B) $4
• C) $6
• D) $8

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Definitions:

Sample Data

A subset of data collected from a larger population, used to make inferences or predictions about the population.

Hypotheses

Propositions or statements made for the purpose of testing through research and experimentation, often predicting a particular relationship between variables.

Chi-square Goodness-of-fit

A statistical test to determine if observed data fits a particular expected distribution.

P-value

A statistical measure that helps scientists determine the significance of their research results, indicating the probability of observing the collected data, or something more extreme, if the null hypothesis were true.