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TABLE 10-5
To test the effectiveness of a business school preparation course, 8 students took a general business test before and after the course. The results are given below.
Exam Score Exam Score
Student Before Course (1) After Course (2)
1 530 670
2 690 770
3 910 1,000
4 700 710
5 450 550
6 820 870
7 820 770
8 630 610
-Referring to Table 10-5, the p-value of the test statistic is ________.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the per-unit cost as output increases.
Diseconomies of Scale
The situation in which the cost of producing each individual unit rises when a company's production volume grows, often resulting from inefficiencies and a rise in complexity.
Long-run Average Total Cost
The cost per unit of output in which all inputs, including capital, are variable, showing economies and diseconomies of scale over time.
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