Examlex
A rank correlation coefficient is to be calculated for a collection of paired data. The values lie between -10 and 10. Which of the following could affect the value of the rank correlation coefficient?
I: Multiplying every value of one variable by 3
II: Interchanging the two variables
III: Adding 2 to each value of one variable
IV: Replacing every value of one variable by its absolute value
Diminishing Marginal Product
A principle stating that as additional units of a variable input are added to a fixed input, the additional output produced by each new unit will eventually decline.
Marginal Product
The additional output generated by using one more unit of a specific input, keeping other inputs constant.
Output
The total amount of goods or services produced by a company, industry, or economy.
Marginal Product
The additional output gained by adding one more unit of a specific input, while keeping other inputs constant.
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