One Way to Avoid Round-Off Errors Is to Use

question 18

Multiple Choice

One way to avoid round-off errors is to use:

• A)Math.sqrt()
• B)Math.pow()
• C)Math.round()
• D)Math.truncate()

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Definitions:

Long-Run Average Total Cost

The cost per unit of output incurred when all factors of production, including capital, are variable, indicating the lowest possible cost of production for each level of output when the scale of operation is changed.

Total Variable Cost

The sum of all costs that vary directly with the level of production or output, including costs for materials, labor, and energy.

Marginal Cost

The extra financial burden of producing an additional unit of a product or service.

Average Variable Cost

The cost per unit of output that varies with the level of production, excluding any fixed costs.