THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey,200 top executives were asked how many hours they spend each year in community service.The data are presented below.
-What is the estimated standard deviation for this data?
Definitions:
Economies of Scale
Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced.
Elastic
A characteristic of a demand or supply curve that indicates a high sensitivity to changes in price.
Price Ceiling
A legally imposed maximum price on a good or service, typically set below the market equilibrium, leading to shortages.
Marginal Revenue
Marginal revenue is the additional income that is gained from selling one more unit of a good or service.
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