While Editing the Data Collected in a Survey to Determine

question 20

Multiple Choice

While editing the data collected in a survey to determine the psychographic profiles of heavy users of cereals, some of the responses were found to contain omissions, ambiguities, and errors. The researcher should do which of the following? 1-Try to recontact the respondents if feasible.and obtain clarification. 2-Throw out those questionnaires which have many errors or errors involving crucial questions. 3-Ignore questionable responses while making use of the remainder of a respondent's data. 4-Use intuition and common sense to revise erroneous responses, based on an educated assessment of how a respondent should have answered.

• A)1
• B)2
• C)3
• D)4
• E)1, 2, or 3

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Definitions:

Cost-output Elasticity

Cost-output elasticity measures the responsiveness of the cost of producing a good to a change in the output level, indicating how costs change as production scales.

Marginal Cost

The increase in expenditure resulting from the production of an additional unit of a good or service.

Short-run Cost Function

The relationship between the cost of production and the level of output when at least one input is fixed in the short term.

Long-run Cost Function

A relationship that shows the lowest possible cost at which a firm can produce any given level of output when all inputs, including capital, are variable.