Below Is a Chart of Costs for an Agribusiness Firm

question 18

Multiple Choice

Below is a chart of costs for an agribusiness firm that produces beef (lbs) .
$\begin{array}{llcccccc} \underline{\mathrm{Y}} & \underline{\text { TFC }} & \underline{\text { TVC }}& \underline{\text { TC }} & \underline{\text { ATC }} & \underline{\text { AVC }} & \underline{\text { MC }} \\0 &10&0&10&--&--&--\\1 & 10 & 10 & 20 &\underline {\quad} & 10&\underline {\quad}\\2 & \underline {\quad} & \underline {\quad} & \underline {\quad} & 14& 9 &8 \\3 & 10 & 24 & 34 & 11.3 & 8 & 6 \\4 & \underline {\quad} &\underline {\quad} & \underline {\quad} & \underline {\quad} &\underline {\quad} & 8\end{array}$
-TFC for 4 units of output is equal to:

• A) 7.5
• B) 10
• C) 20
• D) 30

---

Definitions:

Sample Proportion

The proportion or percentage of the sample that embodies a specific characteristic or feature.

Population Proportion

The ratio or percentage of a particular group within a larger population that shares a characteristic.

Continuity Correction Factor

An adjustment made to a discrete probability distribution when approximating it by a continuous distribution.

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly of the mean.