When Describing the Data from a Visual in the Text

question 90

True/False

When describing the data from a visual in the text of your report, you should be sure to reiterate all the details of the data, rather than simply touching on the highlights.

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Definitions:

Average Variable Costs

The total variable costs divided by the quantity of output produced, representing the variable cost per unit of output.

Marginal Revenue

Marginal Revenue is the additional income generated from selling one more unit of a good or service.

Profit-maximizing Level

The point at which a business achieves the highest profit, where marginal cost equals marginal revenue.

Market Demand

The sum of all the quantities of a good or service demanded per period by all the households buying in the market for that good or service.