Instruction 14-16
the Number of Cases of Chardonnay Wine Sold

question 142

Essay

Instruction 14-16
The number of cases of chardonnay wine sold by a winery in an 8-year period follows.
$\begin{array} { c c } \underline { \text { Year } } & \underline { \text { Cases of Wine }} \\2003 & 270 \\2004 & 356 \\2005 & 398 \\2006 & 456 \\2007 & 438 \\2008 & 478 \\2009 & 460 \\2009 & 480\end{array}$
-Referring to Instruction 14-16,set up a scatter diagram (i.e. ,a time-series plot)with year on the horizontal X-axis.

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Definitions:

Long-Run Total Cost

The aggregate cost of production when all factors of production are variable and the scale of operation can change.

Units of Variable K

In economics, this refers to units of a variable factor of production (K often denotes capital), where the quantity can be changed in the short run to increase or decrease production.

Units of Output

The quantity of goods or services produced by an entity in a given period of time.

Marginal Cost

The cost associated with producing an additional unit of a product or service.