For the Given Measurement, Briefly Describe Any Likely Sources of Random

question 118

Essay

For the given measurement, briefly describe any likely sources of random error and any likely sources of systematicerror.
-You use your wrist watch to time your friends running 200 meters.

---

Definitions:

Economic Losses

The difference between revenues earned from sales and the total costs of production, including opportunity costs, when the latter exceeds the former.

Market Supply

The total amount of a specific good or service that is available to consumers, determined by the sum of all individual suppliers' products in the market.

Long Run

A period sufficient for all inputs, including physical capital and labor, to be adjusted in the production process.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry over a period of time.