To Monitor Campus Security, the Campus Police Office Is Taking

question 200

Multiple Choice

To monitor campus security, the campus police office is taking a survey of the number of students in a parking lot each 30 minutes of a 24-hour period with the goal of determining when
Patrols of the lot would serve the most students. If X is the number of students in the lot each
Period of time, then X is an example of

• A) a categorical variable.
• B) a discrete variable.
• C) a continuous variable.
• D) a statistic.

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Definitions:

Significant Sunk Costs

Expenses that have already been incurred and cannot be recovered or changed.

Avoidable Cost

Costs that can be eliminated if a certain decision is made, not incurred if a particular activity is avoided.

Sunk Cost

A sunk cost is an expense that has already been incurred and cannot be recovered, often considered irrelevant for future business decisions.

Opportunity Cost

The cost of the next best alternative foregone as a result of making a decision.