Match Each of the Following with the Appropriate Scale of Measurement

question 4

Essay

Match each of the following with the appropriate scale of measurement:
a.interval scale
c.ratio scale
b.ordinal scale
d.nominal scale
-The simplest form of measurement.

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Definitions:

Break-Even

The juncture where the overall expenditures match the total income, resulting in neither a profit nor a loss.

Economic Profits

Profits exceeding the opportunity costs of all resources used, including both explicit and implicit costs.

Accounting Profits

The difference between total revenues and explicit costs, representing the net income a company reports on its financial statements.

Most Efficient Output

The level of production at which a firm operates with the lowest average total cost, achieving optimal efficiency.