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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

Solutions by Chapter
4 5 0 428 Reviews

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 74515 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • budget deficit

    an excess of government spending over government receipts

  • budget surplus

    an excess of government receipts over government spending

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • efficient scale

    the quantity of output that minimizes average total cost

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • factors of production

    the inputs used to produce goods and services

  • incentive

    something that induces a person to act

  • law of demand

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

  • 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

  • normative statements

    claims that attempt to prescribe how the world should be

  • political economy

    the study of government using the analytic methods of economics

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • principal

    a person for whom another person, called the agent, is performing some act

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • value of the marginal product

    the marginal product of an input times the price of the output

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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