The following shows the number of job losses and gains (in thousands)between 2008 and 2009 for a sample of seven cities.
a.Compute the mean.
b.Determine the mode.
c.Determine the median.
d.Determine the standard deviation.
Definitions:
Minimum ATC
The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.
Productive Efficiency
A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.
Marginal Cost
The price involved in producing one more unit of a product or service.
Marginal Revenue
The additional revenue that is gained by selling one more unit of a product.
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