The Number of Hours a College Student Spent Studying During

question 48

Short Answer

The number of hours a college student spent studying during the final exam week was recorded as follows: 6,5,2,8,7,4,and 9.Compute the range for the data,express the number in the appropriate unit.

Appreciate the significance of returns to scale on long-run costs.

Recognize the role of technology and specialization in achieving economies of scale.

Identify conditions that lead to diseconomies of scale.

Explore how business strategies like mergers can create value through economies of scope.

---

Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choice.

Cash Outlay

The total amount of cash that a company spends on expenses, investments, and transactions.

Alternative Investments

Investments in non-traditional assets, such as real estate, hedge funds, or commodities, as opposed to stocks and bonds.

Accumulated Depreciation

The contra asset account credited when recording the depreciation of a fixed asset.