Suppose Chris Is a Potter Who Makes Mugs When Chris Produces 5 Mugs Per Day, His Average Variable

question 127

Multiple Choice

Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table. $$\begin{array} { | c | c | } \hline \text { Number d Mugs Per Day } & \text { Tatal Cast Per Day } \\\hline 0 & \$ 10 \\\hline 1 & \$ 14 \\\hline 2 & \$ 19 \\\hline 3 & \$ 25 \\\hline 4 & \$ 32 \\\hline 5 & \$ 40 \\\hline 6 & \$ 49 \\\hline\end{array}$$  
When Chris produces 5 mugs per day, his average variable cost is ________.

• A)$6
• B)$8
• C)$30
• D)$40

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Definitions:

Significance Level

The threshold chosen by a researcher or analyst to determine the statistical significance of a result, typically denoted by alpha (α) and representing the probability of a type I error.

Proportion Difference

The difference in the percentage of occurrences of a certain attribute or outcome between two groups or over time.

Canadians

Refers to the people who are citizens of Canada, a country located in the northern part of North America.

Confidence Level

Confidence level represents the likelihood, expressed as a percentage, that a specified confidence interval will contain the true parameter value.