Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well.
-Refer to the information above.Suppose that the marginal cost of drilling a well is $94.The optimal number of wells to drill is
A) 32.
B) 24.
C) 16.
D) 8.
E) 4.

Question

Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well. 
-Refer to the information above.Suppose that the marginal cost of drilling a well is $94.The optimal number of wells to drill is
A) 32. 
B) 24. 
C) 16. 
D) 8. 
E) 4.

Quizplus · Accepted Answer

The Answer of Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well. 
-Refer to the information above.Suppose that the marginal cost of drilling a well is $94.The optimal number of wells to drill is
A) 32. 
B) 24. 
C) 16. 
D) 8. 
E) 4.

Suppose That Four Land Owners,A,B,C,and D,own Adjacent Lots