In the Calculation of the Arithmetic Mean for Grouped Data,which

question 155

Multiple Choice

In the calculation of the arithmetic mean for grouped data,which value is used to represent all the values in a particular class?

• A)the lower limit of the class
• B)the upper limit of the class
• C)the frequency of the class
• D)the midpoint of the class

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Definitions:

Economic Profit

The surplus gained from undertaking an activity after accounting for both explicit and implicit costs, differing from accounting profit.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue, reflecting the company's bookkeeping earnings.

Explicit Costs

Payments made directly to individuals or entities in the operation of a business, including salaries, rental fees, and costs of materials.

Average Variable Cost

The total variable cost divided by the number of units produced, representing the average cost per unit of output that varies with production.