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Statistics can be manipulated, exaggerated, and misrepresented to promote a particular political or social agenda. Give two examples of how statistics can be misused and outline 4 helpful guidelines to ensure critical thinking when examining statistics.
Average Product
is the output per unit of input, such as the quantity of goods produced per labor hour, and is used to measure productivity.
Marginal Cost
The expenditure resulting from the creation of an additional unit of a product or service.
Short-run Total Cost
The total of all costs, both fixed and variable, that a firm incurs in producing goods or services in the short run.
Average Total Cost
The cost per unit of output, determined by dividing the overall production cost by the quantity produced.
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