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Textbooks / Business / Basic Statistics for Business and Economics 7

Basic Statistics for Business and Economics 7th Edition - Solutions by Chapter

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

Full solutions for Basic Statistics for Business and Economics | 7th Edition

ISBN: 9780077384470

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

Basic Statistics for Business and Economics | 7th Edition - Solutions by Chapter

Basic Statistics for Business and Economics was written by and is associated to the ISBN: 9780077384470. This textbook survival guide was created for the textbook: Basic Statistics for Business and Economics , edition: 7. The full step-by-step solution to problem in Basic Statistics for Business and Economics were answered by , our top Business solution expert on 08/23/17, 08:36AM. This expansive textbook survival guide covers the following chapters: 6. Since problems from 6 chapters in Basic Statistics for Business and Economics have been answered, more than 382112 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • average variable cost

    variable cost divided by the quantity of output

  • cost

    the value of everything a seller must give up to produce a good

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • factors of production

    the inputs used to produce goods and services

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • law of supply

    the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • monetary policy

    the setting of the money supply by policymakers in the central bank

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • permanent income

    a person’s normal income

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • risk aversion

    a dislike of uncertainty

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • strike

    the organized withdrawal of labor from a firm by a union

  • strike

    the organized withdrawal of labor from a firm by a union

  • trade surplus

    an excess of exports over imports