The Table Given Below Shows the Total Revenue and Total

question 117

Multiple Choice

The table given below shows the total revenue and total cost of producing a commodity. Table 22.1
In Table 22.1, the marginal revenue from the sixth unit of output is:

• A)$1, 700.
• B)$1, 600.
• C)$1, 500.
• D)$1, 300.
• E)$1, 200.

---

Definitions:

Standard Error

A statistical measure that quantifies the variability or precision of a sample statistic estimate of a population parameter.

Standard Deviation

A measure that quantifies the spread or variability among a set of data points compared to the average, showcasing the extent to which these points diverge.

Sample Size

Sample size refers to the number of observations or data points collected from a subset of a larger population for the purpose of statistical analysis.

Finite Population Correction

An adjustment made to statistical calculations like the standard error when sampling from a finite population, to account for the decreased variability expected in such samples.