Primary Data Refer to

question 206

Multiple Choice

Primary data refer to

• A)facts and figures that are newly collected for a project at hand.
• B)facts and figures that have already been recorded prior to the project at hand.
• C)facts and figures obtained by watching people mechanically rather than in person.
• D)facts and figures obtained by either by asking people questions through the use of information technology.
• E)conclusions developed from information obtained from a representative sample of a population..

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Definitions:

Average Total Cost

The total cost of production divided by the number of goods produced; it's a method to calculate the cost per unit of production.

Average Variable Cost

The total variable costs (costs that change with production volume) divided by the quantity of output produced.

Diminishing Marginal Returns

A principle in economics where each additional unit of input results in a smaller increase in output than the previous unit, at a certain point.

Marginal Cost

The additional cost incurred in producing one more unit of a product, emphasizing the concept of optimizing production levels.