-Gabriel Operates a Ranch in Idaho Where He Raises Cattle

question 109

Multiple Choice

-Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes.The figure above illustrates his production possibilities frontier.What is Gabriel's opportunity cost of raising another 100 cows?

• A) 1.25 tons of potatoes
• B) 5.0 tons of potatoes
• C) 3.0 tons of potatoes
• D) 1.0 ton of potatoes
• E) 100 cows

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Definitions:

Z-score

A Z-score is a statistical measurement describing the number of standard deviations a data point is from the mean of a data set, used in standardizing data and for hypothesis testing.

Theoretical Distribution

A mathematical function that represents the possible values and their associated probabilities of a random variable.

Sampling Distribution

A specific statistic's probability distribution, resulting from a sample taken at random.

Variability

The degree to which scores in a set of data are spread out or differ from each other, indicating the diversity or dispersion within the dataset.