A Toilet Either Flushes or It Doesn't; a Gun Either

question 128

Short Answer

A toilet either flushes or it doesn't; a gun either fires or it doesn't. By a similar __________ law, a neuron either transmits an action potential or it does not.

Identify the factors affecting a nation's production possibilities and economic growth.

Understand the concepts and applications of budget constraints and choices consumers make given limited resources.

Understand the concept of budget constraints and opportunity cost.

Interpret production possibilities tables and curves.

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Definitions:

Contribution Margin Ratio

The ratio of contribution margin (sales minus variable costs) to sales revenue, indicating the percentage of each sales dollar remaining after variable costs.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a dataset, often used in calculating cost of goods sold or inventory valuation.

Sales Proportion

The ratio or percentage of a product's sales in relation to total sales of all products, indicating its market performance.

Cost-Volume-Profit Graph

A visual representation that shows how changes in cost and volume affect a company's profit.