Pizza
in Preparation for a Pizza Party,the Students at State

question 36

Short Answer

Pizza
In preparation for a pizza party,the students at State University surveyed the price of medium-sized pizzas for local restaurants: $$\begin{array} { | c | c | } \hline \text { Restaurant } & \text { Price } \\\hline \text { Mr. Gattis } & 7.15 \\\text { Pizza Hut } & 7.00 \\\text { Little Italy } & 6.85 \\\text { Dominos } & 8.00 \\\text { Pizza Inn } & 7.50 \\\text { Mazzios } & 6.45 \\\text { Rossini's } & 8.50 \\\text { Pizza Works } & 7.75 \\\hline\end{array}$$
-What is the range of these prices?

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Definitions:

Rational People

People who systematically and purposefully do the best they can to achieve their objectives.

At the Margin

Decision making based on the additional benefit or cost of one more unit of change, often used in economic analysis.

Opportunity Cost

The burden of passing over the next top choice in the hierarchy of options when deciding.

Average Cost

Calculated by dividing the total cost of production by the number of goods produced, representing the cost per unit.