Table 3-12 -Refer to Table 3-1.For the Rancher,the Opportunity Cost of 1

question 93

Multiple Choice

Table 3-12

-Refer to Table 3-1.For the rancher,the opportunity cost of 1 pound of meat is

• A) 0.4 pound of potatoes.
• B) 2.5 pounds of potatoes.
• C) 4 pounds of potatoes.
• D) 10 pounds of potatoes.

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Definitions:

Sum

The result of adding two or more numbers or quantities together to get a total.

Relative Frequency Distribution

A statistical measure that shows the frequency of different outcomes in a dataset relative to the total number of outcomes.

Proportion

The fraction of a whole that represents a part of the total population or quantity.

Data Values

The individual pieces of information collected in a study or used in calculations, which can be numerical or categorical.