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TABLE 3-3
The ordered array below represents the number of vitamin supplements sold by a health food store in a sample of 16 days.
19, 19, 20, 20, 22, 23, 25, 26, 27, 30, 33, 34, 35, 36, 38, 41
Note: For this sample, the sum of the values is 448, and the sum of the squared differences between each value and the mean is 812.
-Referring to Table 3-3, the arithmetic mean of the number of vitamin supplements sold in this sample is ________.
Marginal Revenue
The additional income generated from selling one more unit of a good or service.
Total Revenue
Total Revenue is the full amount of income generated by the sale of goods or services before any costs are deducted.
Perfectly Elastic Demand
Demand in which quantity drops to zero at the slightest increase in price.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable change while holding others constant.
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