Examlex
Voters participating in a recent election exit poll in a Queensland electorate were asked to state their political party affiliation as well as their gender. Coding the data 1 for Coalition, 2 for minor parties and 3 for Labor, and F for female, M for male.
a. Create a cross classification table of gender by political affiliation.
b. Create a component bar chart, for each gender.
c. Interpret your component bar chart by gender.
Law of Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other factors remain constant.
LRATC
Long-Run Average Total Cost, referring to the average cost per unit of output when all inputs are considered variable over time.
Economies of Scale
Businesses experience cost savings linked to the size of their operations, with the per-unit cost usually falling as the operation size grows.
Entire Range
The complete spectrum or entirety of something, without leaving parts out.
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