A Consumer Group Collected Information on HDTVs

question 152

Multiple Choice

A consumer group collected information on HDTVs . They created a linear model to estimate the
Cost of an HDTV (in $) based on the screen size (in inches) . Which is the most likely value of the
Slope of the line of best fit?

• A) 7
• B) 7000
• C) 70
• D) 0.70
• E) 700

---

Definitions:

Total Product

The overall quantity of goods or services produced by a firm or an economy over a specific period, often used to measure productivity.

Law of Diminishing Returns

An economic principle stating that if one factor of production is increased while other factors are held constant, the incremental output per unit of the increased factor will eventually decrease.

Decreasing Rate

A condition in which the rate or speed of a given process or phenomenon reduces over time.

Increasing Rate

A rate that accelerates or grows over time, often used in the context of compound interest, inflation, or the escalation of prices.