When Determining the Sample Size, N, If the Value Found

question 130

True/False

When determining the sample size, n, if the value found for n is 79.2, we would choose to sample 79 observations.

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Definitions:

Average Variable Cost

Average Variable Cost is the variable cost per unit of output, calculated by dividing total variable costs by total output, illustrating how variable costs change with output levels.

Output

The total amount of goods or services produced by a person, machine, factory, country, etc., within a particular time period.

Marginal Product

The additional output generated by employing one more unit of a factor of production.

Output Level

The total quantity of goods and services that a firm or industry produces over a set period.