A Random Variable That Can Take on a Value at Any

question 38

Short Answer

A random variable that can take on a value at any point along an interval is referred to as a ____________________.

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Definitions:

Variable Costs

Costs that change in proportion to the level of activity or volume of output in production, such as raw materials and labor.

Fixed Cost

Expenses that do not change with the level of goods or services produced by a business.

Total Revenue

The total amount of money generated by a company or entity from its primary activities, such as sales of goods or services, before any expenses are deducted.

AVC

Short for Average Variable Cost, it is the total variable costs (such as labor and materials) divided by the quantity of output produced.