Variables May Be Used as Predictors or Independent Variables by Coding

question 7

Multiple Choice

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

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

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Definitions:

Manufacturing Cost

The total expense incurred in the process of producing goods, including direct materials, direct labor, and overhead costs.

Direct Labor Cost

The expense associated with labor directly involved in the production of goods or services, excluding indirect labor costs.

Overhead

A broader category of ongoing expenses not directly tied to specific products or services but essential for the business's day-to-day operations.

Machine-Hours

A measure of the amount of time machines are running in the production process, used to allocate manufacturing overhead costs.