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FIGURE 8-4
-Refer to Figure 8-4.A firm that is producing an output of 1000 units will minimize its costs at point
Histogram
A graphical display of data using bars of different heights to show the frequency distribution of a dataset.
Median
The middle value in a set of data when it is arranged in ascending or descending order, or the average of the two middle numbers if the set has an even number of observations.
Skewed
A distribution that is not symmetrical, indicating that the data tends to lean towards the left (negatively skewed) or right (positively skewed) of the average.
Histogram
A graphical representation of the distribution of numerical data, usually showing frequency of data intervals.
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