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Parametric statistics are based on the assumption that the data in the study are drawn from a population with a normal (bell-shaped)distribution and/or normal sampling distribution.
Output
The total quantity of goods or services produced by a firm, industry, or economy in a specific period.
Variable Inputs
Inputs or resources whose usage changes according to the level of production.
Unit Costs
The cost incurred by a company to produce, store, and sell one unit of a particular product or service.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
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