One Formula for the Correlation Between Two Dichotomous Variables Is

question 59

Multiple Choice

One formula for the correlation between two dichotomous variables is

• A) Spearman's rank order formula.
• B) the point biserial correlation.
• C) the phi coefficient.
• D) the biserial correlation.

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Definitions:

Equilibrium Market Output

The level of output where the quantity supplied equals the quantity demanded in the market, allowing no excess supply or demand.

Total Cost Function

A mathematical representation of the all-encompassing cost associated with production, including both fixed and variable costs, at various levels of output.

Economic Cost Function

A mathematical expression that describes the cost of producing a given quantity of output, incorporating all relevant costs.

Short-Run Supply Curve

A graphical representation showing the quantity of a good that producers are willing and able to supply at different prices in the short term, holding some factors constant.