Provide an Appropriate Response

question 182

Essay

Provide an appropriate response.
-Construct a frequency table and the corresponding histogram in which the following
conditions are satisfied:
- The frequency for the second class is twice the frequency of the first class
- In the histogram, the area of the bar corresponding to the second class is four times the
area of the bar corresponding to the first class

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Definitions:

Average Cost

The total cost of production divided by the total units produced, also known as cost per unit.

Marginal Revenue

Marginal revenue is the additional income received from selling one more unit of a good or service; it's crucial for determining the optimal level of production.

Demand Schedule

A demand schedule represents a table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Maximum Profit

The highest possible financial gain that a business can achieve from its operations, given the current conditions.