A Person Had the Following Error Scores for a Series

question 22

Short Answer

A person had the following error scores for a series of 5 trials: +5,-3,+8,+18,-6.The average AE score is ________.

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Definitions:

Minimum ATC

The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.

Productive Efficiency

A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.

Marginal Cost

The price involved in producing one more unit of a product or service.

Marginal Revenue

The additional revenue that is gained by selling one more unit of a product.