Instruction 11-6
as Part of an Evaluation Program,a Sporting Goods

question 38

Short Answer

Instruction 11-6
As part of an evaluation program,a sporting goods retailer wanted to compare the downhill coasting speeds of four brands of bicycles.She recorded three trials of each brand and determined their maximum downhill speeds.The results are presented in kilometres per hour in the table below.
$\begin{array}{lcccc}\text { Trial } & \frac{\text { Barth }}{} & \frac{\text { Tomado }}{} & \frac{\text { Reiser }}{} & \frac{\text { Shaw }}{} \\1 & 43 & 37 & 41 & 43 \\2 & 46 & 38 & 45 & 45 \\3 & 43 & 39 & 42 & 46\end{array}$
-Referring to Instruction 11-6,the value of MSA is ________,while MSW is ________.

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Definitions:

Total Costs

The complete sum of expenses incurred in the production of goods or services, including both fixed and variable costs.

Perfectly Competitive

A market structure where there are many buyers and sellers, products are identical, and there is free entry and exit in the market.

Production Technology

The quantitative relationship between inputs and outputs.

Input Demand

Input demand refers to the quantity of goods and services a firm requires to produce its own products, often influenced by the price of these inputs and the firm's level of output.