Table 1-5 Julius Runs a Small Tailor Shop in the in the City

question 162

Multiple Choice

Table 1-5
Julius runs a small tailor shop in the city of Bloomfield. He is debating whether he should extend his hours of operation. Julius figures that his sales revenue will depend on the number of additional hours the tailor shop is open as shown in the table above. He would have to hire a worker for those hours at a wage rate of $18 per hour.
-Refer to Table 1-5. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?

• A) $0
• B) $18
• C) $54
• D) $65

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Definitions:

Coefficient Of Correlation

A numerical measure that indicates the strength and direction of a linear relationship between two variables, ranging from -1 to 1.

Linear Relationship

A type of correlation where the change in one variable is directly proportional to the change in another variable.

Shape

In statistics, refers to the geometric form of the distribution of a dataset or probability distribution, such as skewness and kurtosis defining its asymmetry and peakedness.

Unimodal

Describing a distribution with a single peak or mode, indicating the most frequently occurring value.