The Following Table Summarizes Six Potential Customers' Ages and Willingness

question 101

Multiple Choice

The following table summarizes six potential customers' ages and willingness to pay for a solo skydiving experience from SkyMasters.The aircraft has room for eight people,including the pilot and skydiving instructor.The marginal cost of adding each additional passenger is $100.SkyMasters holds significant market power for its region.
Use this information to answer the following questions:

-Assume that SkyMasters follows the profit-maximizing rule and that the company can charge only one price.What should that price be?

• A) $400
• B) $350
• C) $325
• D) $250
• E) $200

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Definitions:

Descriptive Measure

Statistical calculations that summarize or describe the characteristics of a set of data, including measures such as mean, median, and mode.

Population

The entire pool from which a statistical sample is drawn and to which we seek to generalize our results in a study.

Microwave Ovens

Electrical appliances that use microwave radiation to heat or cook food quickly through dielectric heating.

Parameter

A numerical characteristic of a statistical population, such as mean or standard deviation, that describes an aspect of the population.