The Following Data Show the Total Output for a Firm

question 140

Multiple Choice

The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital.When answering the questions,you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100.
TABLE 7-4
-Refer to Table 7-4.Average variable costs for 175 units of output is approximately

• A)25 cents.
• B)32 cents.
• C)43 cents.
• D)57 cents.
• E)$1.00.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the average.

Deviations

Differences between observed values and the average of those values in a dataset.

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers together and dividing by the quantity of numbers.

Individual Data Elements

Single pieces of information or data that are collected and analyzed in a research study.