​A Firm Sells 1000 Units Per Week

question 9

Multiple Choice

​A firm sells 1000 units per week.It charges $70 per unit,the average variable costs are $25,and the average costs are $65.At what price would the firm consider shutting down in the short run?

• A)​$10
• B)$25
• C)$65
• D)​$70

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Definitions:

Population

In statistics, the complete set of items or individuals considered for a survey or study.

Population Standard Deviation

A measure of the dispersion of all values in the entire population from the mean of the population.

Confidence Interval

A range of values that is believed to contain an unknown population parameter, calculated from a given set of sample data.

Sample Variance

A statistical measure of the dispersion of observations in a sample dataset around the sample mean.