Multiplying the Quantity Sold by the Price Paid for Each

question 141

Multiple Choice

Multiplying the quantity sold by the price paid for each unit will give us:

• A) total profit.
• B) total revenue.
• C) total cost.
• D) total benefit.

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Definitions:

Response Variable

The variable in an experiment or statistical model that changes in response to the manipulation of the explanatory variable.

Explanatory Variable

A variable in statistical modeling that is posited to cause or influence changes in a response variable; also known as an independent variable.

Degrees Of Freedom

The number of independent values or quantities which can vary in the calculation without violating any constraints.

SSE

Stands for Sum of Squares due to Error, a measure used in statistics to quantify the variation within a data set.