True or False: the Professor of a Business Statistics Class

question 73

True/False

True or False: The professor of a business statistics class wanted to find out the mean amount of
time per week her students spent studying for the class.Among the 50 students in her class, 20%
were freshmen, 50% were sophomores and 30% were juniors.She decided to select 2 students
randomly from the freshmen, 5 randomly from the sophomores and 3 randomly from the juniors.
This is an example of a systematic sample.

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the production quantity changes.

Profit-maximizing

The process or goal of increasing a firm's profits to the highest possible level by adjusting output and pricing strategies.

Marginal Revenue Product

Additional income derived from the employment of an extra production factor.

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.