If, When a Firm Doubles All Its Inputs, Its Average

question 42

Multiple Choice

If, when a firm doubles all its inputs, its average cost of production increases, then production displays

• A)diminishing returns.
• B)economies of scale.
• C)diseconomies of scale.
• D)declining fixed costs.

Recognize the importance of measures of variability (standard deviation, variance) and center (mean, median, mode) in summarizing data sets.

Apply the Empirical Rule and Tchebysheff's Theorem to both theoretical and practical scenarios.

Identify appropriate scenarios for the use of different measures of variability and center.

Determine the impact of data distribution shape (mound-shaped distributions) on statistical measures.