In Order to Compute the Mean and Standard Deviation, the Level

question 67

Multiple Choice

In order to compute the mean and standard deviation, the level of data measurement should be:

• A) ratio or interval.
• B) qualitative.
• C) nominal.
• D) ordinal.

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Definitions:

MC

Marginal Cost, the cost of producing one additional unit of a good.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

AVC

Average Variable Cost; the per unit variable cost associated with producing a good or service.

AFC

Average Fixed Cost; the total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs spread out over produced units.