A Recent Issue of Fortune Magazine Reported That the Following

question 68

Short Answer

A recent issue of Fortune Magazine reported that the following companies had the lowest sales per employee among the Fortune 500 companies.
$$\begin{array} { l c c } & \text { Salas per Employee } & \text { Sales } \\\text { Company } & \text { In \$1,000s } & \text { Rank } \\\text { Seagate Technology } & 42.20 & 285 \\\text { SSMC } & 42.19 & 414 \\\text { Russel } & 41.99 & 480 \\\text { Maxxam } & 40.88 & 485 \\\text { Dibrell Brothers } & 22.56 & 470\end{array}$$
a. How many elements are in the above data set?
b. How many variables are in the above data set?
c. How many observations are in the above data set?
d. Name the variables and indicate whether they are categorical or quantitative.

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Definitions:

Total Revenue

The total revenue obtained from selling products or services before deducting any costs.

Units

Basic quantities or amounts of a product, service, or measurement.

Profit-Maximizing Amounts

The levels of production or pricing at which a firm achieves the highest possible profit.

MRP

Marginal Revenue Product, which is the additional revenue generated from hiring an additional unit of a resource or input.