Five Students from a Statistics Class Have Formed a Study

question 30

True/False

Five students from a statistics class have formed a study group. Each may or may not attend a study session. Assuming that the members will be making independent decisions on whether or not to attend, there are 32 different possibilities for the composition of the study session.

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Definitions:

Quantity

The amount or number of a material or immaterial good considered as a unit or total.

Average Total Cost

The total cost of producing a given output level divided by the quantity of output, indicating the average expense per unit produced.

Marginal Cost

The rise in financial outlay for the production of an extra unit of a product or service.

Production

The process of creating goods and services from various resources.