Examlex
The law of diminishing marginal utility implies that as a household consumes more of a product, its total utility will increase by larger amounts -assuming marginal utility remains positive.
Variability
A quantitative measure that describes the degree to which scores in a distribution are spread out or clustered together.
Standard Deviation
A measure of variability that represents the average amount by which individual scores in a distribution vary from the mean.
Variance
A measure of variability that represents the mean of all squared deviation scores.
Nominal
Scale used to classify or categorize data into groups that have different names but are not related to each other in any other systematic way.
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