Helene Has Two Ratio-Level Variables in Her Study and Wants

question 3

Multiple Choice

Helene has two ratio-level variables in her study and wants to calculate a measure of association. Which one of the following would be best?

• A)Patterson's D
• B)Shirley's F
• C)Pearson's r
• D)Farley's s
• E)Gamma's r

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Definitions:

Willingness to Pay

The maximum amount an individual is prepared to sacrifice to procure a good or avoid something undesirable.

Profit

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Perfectly Price Discriminate

A pricing strategy where a seller charges the maximum possible price for each unit consumed that the buyer is willing to pay.

Output

Output refers to the total amount of goods and services produced by a company, industry, or economy within a given period.