Practical Significance Is a Combination of Statistical Significance And

question 38

Multiple Choice

Practical significance is a combination of statistical significance and:

• A)effect size
• B)the level of measurement (whether it is equal interval or ordinal)
• C)the population parameters
• D)the amount over or under that level that the sample scored

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Definitions:

Average Total Cost

The average total cost is the total cost of production divided by the quantity of output produced.

Marginal Cost Curve

A visual diagram that illustrates the variation in the cost to produce an additional unit of a product as the quantity produced changes.

Average Total Cost Curve

A curve that shows the average cost per unit of output at different levels of production; it typically has a U-shape.

Marginal Cost

The climb in cost associated with generating another unit of a product or service.