Average Total Cost

question 68

Multiple Choice

Average total cost

• A)increases as output increases.
• B)decreases as output increases.
• C)increases if marginal cost is increasing.
• D)increases if marginal cost is greater than average total cost.
• E)both c and d

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Definitions:

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, commonly set thresholds include 0.05, 0.01.

Random Sample

A subset of individuals chosen from a larger set, where each individual has an equal chance of being selected.

Confidence Interval

A range of values derived from sample data that is likely to contain the value of an unknown population parameter, with a certain level of confidence.

Retained Students

Students who have not progressed to the next academic grade or level as expected, often due to academic or other challenges.