Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4
-Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits in the short run, this firm should set a price of
Definitions:
Big Data
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Volume
The amount of data generated.
Point Estimate
A single value estimate or guess of a population parameter based on sample data.
Sampling Error
The difference between the population parameter and the sample statistic due to chance variation in selecting a sample.
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