The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use.
-Refer to the figure above.The minimum average total cost to produce a quantity between QD and QF is achieved by using technology ________.
Definitions:
Percentile
A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.
Percentage
A portion in relation to the whole. A ratio between two dichotomous outcomes.
Scales of Measurement
Refers to the methods used to categorize and quantify variables in research, such as nominal, ordinal, interval, and ratio scales.
Descriptive Statistics
Statistical methods that summarize and describe the characteristics of a dataset, such as mean, median, and standard deviation.
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