Lilly's Lumberyard Had the Following Revenues and Costs Last Year

question 28

Multiple Choice

Lilly's Lumberyard had the following revenues and costs last year: If Lilly did not own a lumberyard, she would earn $115,000 per year as a store manager for Home Depot. Lilly's Lumberyard had an economic cost of _____ and an economic profit of _____.

• A) $225,000; -$75,000
• B) $400,000; $35,000
• C) $405,000; -$5,000
• D) $210,000; $0

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Definitions:

Sample Size

The number of individual observations or data points used in a statistical sample.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values in a dataset, indicating how spread out the values are from the mean.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to estimate the population parameter.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.