If a Firm Wants to Determine Total Cost, It Needs

question 217

Multiple Choice

If a firm wants to determine total cost, it needs

• A)to add its variable costs to its fixed costs.
• B)the prices of inputs and of output.
• C)the variable cost per unit.
• D)the production function and the price of its output.

---

Definitions:

Population Proportion

The fraction or percentage of a population that exhibits a particular attribute or characteristic.

Confidence Interval

A stretch of numerical indicators, obtained from sample statistics, envisaged to hold the secret value of a population characteristic.

Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating a confidence interval within which the true value lies.

σ

Symbol representing the standard deviation of a population in statistics.