If Total Cost Is Given by TC = 10Q -

question 38

Multiple Choice

If total cost is given by TC = 10Q - 5Q² + 0.1Q³,then average cost is minimized at units of output.

• A) 0.5.
• B) 0.01.
• C) 50.
• D) 25.
• E) 0.1.

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Definitions:

Sum of Squares

A measure used in statistics that quantifies the variation or dispersion of a set of data points.

Two-way ANOVA

A statistical test used to determine the effect of two nominal predictor variables on a continuous outcome, assessing interaction between the two factors.

Treatments

In experimental design, treatments are the different conditions or interventions applied to study subjects to observe effects on outcomes.

Randomized Block Design ANOVA

A statistical method used to analyze the variability among experimental conditions while controlling for variance due to specified blocking factors.