You Ask Five of Your Classmates About Their Height

question 7

Short Answer

You ask five of your classmates about their height. On the basis of this information, you state that the average height of the students in the sample is 170 cm. Which of the following is this an example of? $\begin{array}{|l|l|}\hline\text { A. } & \text {Descriptive statistics. }\\\hline \text { B. } & \text {Inferential statistics. } \\\hline \text { C. } &\text {A census. }\\\hline \text { D. } &\text {A population parameter. }\\\hline\end{array}$

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Definitions:

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the per unit cost of production.

Marginal Cost

The enhancement in overall pricing due to the generation of an extra unit of a good or service.

Cost Curves

Graphical representations used in economics to show the total cost of producing different quantities of output, helping businesses determine optimal production levels.

Average Fixed

Assuming it's intended as "Average Fixed Costs," it is the fixed costs divided by the quantity of output, representing the cost per unit that does not change with the level of production.