A Table Manufacturer Makes Tables at 12 Different Heights for Different

question 31

Multiple Choice

A table manufacturer makes tables at 12 different heights for different purposes.The CEO would like to know if customers in two different industries place the same value on each of the different heights based on a Likert scale.Ideally, the CEO would prefer that the preferences of the two industries be independent of each other.Based on this, the CEO is hoping that the Spearman correlation coefficient works out to be a _____________.

• A)high positive value
• B)high negative value
• C)low positive value
• D)value near 0
• E)low negative value

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Definitions:

Long-Run Average Costs Curve

A graphical representation showing the minimum average cost at which any output level can be produced after all inputs, including capital, are adjusted.

AFC

In economic terms, typically stands for Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.

ATC

Average total cost, which is the total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.

Economies Of Scale

Companies achieve cost benefits when their production processes become more efficient, leading to a decrease in the per-unit cost as the scale of production grows.