Refer to the Table Below A)10 Units
B)10 and 15 Units
C)10, 15, and 20

question 79

Multiple Choice

Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources? $$\begin{array} { | c | c | c | c | } \hline \text { Quantity } & \text { Total Revenue } & \text { Explicit Costs } & \text { Implicit Costs } \\\hline 10 & 50 & 36 & 5 \\\hline 15 & 75 & 63 & 6 \\\hline 20 & 100 & 93 & 7 \\\hline 25 & 125 & 125 & 8 \\\hline 30 & 150 & 161 & 9 \\\hline\end{array}$$

• A)10 units
• B)10 and 15 units
• C)10, 15, and 20 units
• D)10, 15, 20, and 25 units

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Definitions:

Sign Test

A non-parametric test used to determine if there is a median difference between paired observations.

Matched Pairs

Matched pairs refer to a study design in statistics where pairs of subjects are matched in terms of key variables that are thought to affect the outcome of interest, and then compared on the outcome, often used to control for confounding variables.

Ordinal

A scale of measure that categorizes data while also ranking them in a meaningful order, but without indicating the exact differences between ranks.

Sign Test

A nonparametric statistical test used to determine if there are differences between two paired samples.