Here Is a Histogram of the Assets (In Millions of Dollars)of

question 99

Multiple Choice

Here is a histogram of the assets (in millions of dollars) of 71 companies.The square root re-expression of assets is also given.In the square root re-expression,what does the value 45 actually indicate about the company's assets?

• A)The company's assets are $45,000,000.
• B)The company's assets are $4,500,000.
• C)The company's assets are $2,025.
• D)The company's assets are $2,025,000.
• E)The company's assets are $2,025,000,000.

Recognize the different types of data collection methods, such as time series and cross-sectional.

Understand the scales of measurement used in statistics.

Distinguish between descriptive and inferential statistics.

Realize the importance of data accuracy and the impact of errors.

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Definitions:

LAC Curves

Long Average Cost curves, which show the minimum average cost of production at different levels of output, assuming all production factors are variable.

Output Levels

The quantities of goods or services produced by a firm or industry at a given time or under certain conditions.

Economies of Scale

The economic gains achieved by businesses because of their large scale, volume of production, or extent of operations, which usually results in a reduction in the cost per unit as the scale of operation grows.

Cost-output Elasticity

Cost-output elasticity measures the responsiveness of the cost of producing a good to a change in the output level, indicating how costs change as production scales.