ECON 2030 Lecture Notes - Lecture 9: Marginal Revenue, Marginal Cost
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9.
value:
10.00 points
A population consists of the following five values: 9, 11, 12, 14, and 18. |
a. | List all samples of size 3, and compute the mean of each sample. (Round your mean value to 2 decimal places.) |
Sample | Values Sum Mean | ||
1 | (Click to select)9, 11, 129, 12, 149, 12, 189, 14, 18 | ||
2 | (Click to select)9, 11, 149, 11, 129, 11, 189, 12, 14 | ||
3 | (Click to select)9, 11, 189, 11, 129, 11, 149, 12, 14 | ||
4 | (Click to select)9, 12, 1411, 12, 149, 11, 1411, 14, 18 | ||
5 | (Click to select)9, 12, 189, 11, 129, 11, 149, 11, 18 | ||
6 | (Click to select)9, 14, 189, 11, 129, 11, 149, 11, 18 | ||
7 | (Click to select)11, 12, 149, 11, 1211, 9, 149, 11, 18 | ||
8 | (Click to select)11, 12, 1811, 12, 1411, 12, 911, 9, 12 | ||
9 | (Click to select)11, 14, 1811, 14, 1211, 9, 1411, 9, 12 | ||
10 | (Click to select)12, 14, 1812, 14, 912, 14, 1112, 9, 14 | ||
For the question above please give me the Sum , Mean for each row starting with 1 through 10. ____ ______ |
b. | Compute the mean of the distribution of sample means and the population mean. (Round your answers to 2 decimal places.) |
Sample means________ | |
Population mean_______ | |
A firm faces the following demand and total cost schedules:
Demand | Total Cost | |||
P ($) | Q | Q | TC ($) | |
20 | 1 | 1 | 2 | |
18 | 2 | 2 | 6 | |
16 | 3 | 3 | 11 | |
14 | 4 | 4 | 18 | |
12 | 5 | 5 | 26 |
Suppose that the firm is required to produce a whole number of items each month. How much does it produce and what is price? How do you know?.