The Number of Customers That Enter a Store During One

question 81

Multiple Choice

The number of customers that enter a store during one day is an example of:

• A)a continuous random variable
• B)a discrete random variable
• C)either a continuous or a discrete random variable, depending on the number of the customers
• D)either a continuous or a discrete random variable, depending on the gender of the customers
• E)none of the above

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Definitions:

Marginal Rate

The rate of change in a variable (often cost or benefit) as a result of a unit increase in another variable, commonly used in the context of marginal tax rates or marginal cost.

Technical Substitution

The process of replacing one set of inputs or technologies with another to produce the same amount of output, often for efficiency improvements.

Isoquant

A curve representing all combinations of inputs that produce the same level of output in the production process, analogous to an indifference curve in consumption.

Inputs

Resources used in the production process to create goods and services, including labor, materials, and capital.