What Are Common Problems with Data

question 21

Multiple Choice

What are common problems with data?

• A)dirty data
• B)either too fine or too coarse
• C)inconsistent data
• D)missing values
• E)all of the above

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Definitions:

Returns To Scale

The change in output resulting from a proportional change in all input factors where all inputs are increased or decreased by the same factor.

Marginal Products

This refers to the additional output that results from using an extra unit of a particular input, assuming other inputs are constant in the production process.

Production Function

A mathematical expression that describes the relationship between input factors and the output of goods or services.

Returns To Scale

The change in output of a production process as all inputs are increased proportionally.