Each Observation Is Treated as Its Own Cluster at the Beginning

question 93

True/False

Each observation is treated as its own cluster at the beginning in hierarchical clustering.

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Definitions:

Marginal Revenue Product

The additional revenue generated from the use of one more unit of a factor of production.

Wage Rate

The amount of compensation a worker receives per unit of time or per unit of output.

Total Product

The total output or quantity of goods and services produced by a firm or industry within a specific period.

Derived Demand

Demand for a factor of production or intermediate good that occurs as a result of the demand for another good or service.