________ Variables May Be Used as Predictors or Independent Variables

question 79

Multiple Choice

________ variables may be used as predictors or independent variables by coding them as dummy variables.

• A)Interval
• B)Categorical
• C)Ratio
• D)All of the above

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Definitions:

Diminishing Marginal

refers to the principle in economics where each additional unit of input results in a smaller increase in output, commonly applied in the context of production and utility.

Marginal Productivity

The additional output produced as a result of employing one more unit of a factor of production.

Total Product

The total quantity of output produced by a firm with a given amount of inputs during a specific period.

Total Revenue

The total amount of money a company receives from selling its goods or services over a specific time period.