TABLE 11-3 As Part of an Evaluation Program, a Sporting Goods Retailer

question 74

Short Answer

TABLE 11-3
As part of an evaluation program, a sporting goods retailer wanted to compare the downhill coasting speeds of 4 brands of bicycles. She took 3 of each brand and determined their maximum downhill speeds. The results are presented in miles per hour in the table below.
Trial Barth Tornado Reiser Shaw
1 43 37 41 43
2 46 38 45 45
3 43 39 42 46
-Referring to Table 11-3, the value of MSA is ________, while MSW is ________.

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Definitions:

Competitive Price-searcher

A market situation where firms have some control over their prices because their products are differentiated, leading them to search for competitive pricing strategies.

Marginal Cost

The cost incurred by producing one additional unit of a product.

Average Cost

The cost per unit of output, represented by dividing the total production cost by the quantity of units produced.

Marginal Cost

The rise in overall expenses associated with the production of an extra unit of a good or service.