A Sample of Five Full-Service Gasoline Stations, Each Carrying Three

question 47

Short Answer

A sample of five full-service gasoline stations, each carrying three grades of gasoline, was taken, and the price per liter (to the nearest cent) was recorded for each grade of gasoline, as shown in the following table. What is the median price of unleaded gas?

---

Definitions:

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.

Marginal Cost

The increase or decrease in the total cost incurred from producing one additional unit of a good or service.