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

Question 24

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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. 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.If the marginal cost of drilling a well is $94,then each land owner will drill __________ wells for a total of __________ wells. A)  2;8 B)  between 1 and 8;between 4 and 32 C)  4;6 D)  between 4 and 8;between 16 and 32 E)  8;32
-Refer to the information above.If the marginal cost of drilling a well is $94,then each land owner will drill __________ wells for a total of __________ wells.


A) 2;8
B) between 1 and 8;between 4 and 32
C) 4;6
D) between 4 and 8;between 16 and 32
E) 8;32

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