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The breeding success of birds that nest on the ground can be affected by the depth of winter snow in high altitudes. The plot below relates the percentage of White-tailed Ptarmigan hens hatching at least one egg, to the amount of snowfall in the Sierra Nevadas that winter. a) The least squares best fit line is %NestSuccess = 55.1816 − 0.092(SnowDepth). Graph this line using the axes above. Show any calculations in the space below. b) The least squares line is the line that minimizes the sum of the squared residuals. On the graph above pick 2 points and sketch the residuals associated with those points.
Specialized Resources
Inputs in the production process that have specific uses and are not easily adaptable to other types of production.
Comparative Advantage
The capacity of a person, business, or nation to create a product or offer a service with a smaller opportunity cost compared to its rivals.
Opportunity Cost
The cost of missing out on the next best alternative when making a decision.
Total Output
The total quantity of goods or services produced by a firm or an economy in a specific period.
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