Ice Cream Cone Sales

question 210

Short Answer

Ice Cream Cone Sales
A neighbourhood ice cream vendor reports the following sales of single-scoop ice cream cones (measured in hundreds of cones) for five randomly selected weeks: 5, 4, 6, 5, and 3.
-Refer to the Ice Cream Cone Sales statement. Find the median number of weekly sales of single-scoop ice cream cones.

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Definitions:

Pure Monopolist

A single seller in a market who has exclusive control over a particular good or service and is the only one to provide that good or service.

Marginal Revenue

The additional income received from selling one more unit of a good or service; typically used to determine optimal production levels.

Marginal Cost

The expense incurred from manufacturing an extra unit of a good or service.

Profit Increase

The rise in the difference between a company's revenue and its expenses.