Refer to Scenario 7

question 131

Multiple Choice

Refer to Scenario 7.4 below to answer the question(s) that follow.
SCENARIO 7.4: You own and are the only employee of a company that sells custom embroidered pet sweaters.
Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000.
To start this business you invested an amount of your own capital that could pay you a $50,000 a year return.
-Refer to Scenario 7.4. During the year your economic costs were

• A) $30,000.
• B) $50,000.
• C) $80,000.
• D) $120,000.

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Definitions:

Main Effect

The direct impact of an independent variable on a dependent variable in an experiment.

Factorial ANOVA

A statistical analysis method used to examine the effects of two or more categorical independent variables on one continuous dependent variable, and how their interactions affect the mean of the dependent variable.

Independent Variable

A variable in an experiment that is manipulated to observe its effect on a dependent variable.

Difference Between Levels

The quantitative or qualitative disparity observed between distinct stages or conditions in a variable.