Examlex
In variable costing, the cost of products manufactured is composed of only those manufacturing costs that increase or decrease as the volume of production rises or falls.
Smallest Observation
The minimum value recorded in a set of data.
First Quartile
The value below which 25% of the observations fall, marking the lower quarter of the data set.
Median
The middle value in a sorted list of numbers, dividing the dataset into two halves.
Third Quartile
A statistical term which represents the 75th percentile of a dataset, indicating that 75% of the data points fall below this value.
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