THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 115

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The following data represent scores on a 15 point aptitude test: 8,10,15,12,14,and 13.
-Subtract 5 from every observation and compute the sample mean for the original data and the new data.

---

Definitions:

Economic Profits

Profits exceeding the total costs of production, including both explicit and implicit costs, representing gains above what could be earned in the next best alternative use of resources.

Pure Monopolist

A market participant who exclusively controls the supply of a particular good or service, without competition or substitute products.

ATC

Average Total Cost, which represents the per-unit cost of production, including both fixed and variable costs.

Economic Profit

Profit calculated by subtracting both explicit and implicit costs from total revenue, reflecting the true economic performance of a company.