The Following Information Regarding a Dependent Variable (Y) and an Independent

question 32

Multiple Choice

The following information regarding a dependent variable (y) and an independent variable (x) is provided. ​ SSE = 1.9
SST = 6.8
​
The coefficient of determination is

• A) .8489.
• B) -.7206.
• C) .7206.
• D) .375.

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Definitions:

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess return over the firm's opportunity costs.

Purely Competitive Firm

A business that operates in a market with many buyers and sellers, where each has a negligible impact on price and product homogeneity prevails.

Unimpeded Entry

A situation in a market where there are no obstacles preventing new competitors from entering and competing.

MR = MC Rule

A principle in economics stating that profit maximization occurs when marginal revenue equals marginal cost.