Scenario: A shoe manufacturer has factories in two countries, Country X and Country Y. Shoe manufacturing involves two main tasks-designing the shoe and stitching it. The value added per hour in each activity by workers in the two countries is shown in the table below.
-Refer to the scenario above.The opportunity cost per dollar of value added in stitching shoes by workers in Country X is ________.
Definitions:
Neokurtic
Refers to a distribution in statistics that is characterized by a relatively peaked (less flat) curve representing frequency of data points.
Leptokurtic
A distribution of values that is peaked or high relative to the normal curve. Values in such a distribution have a narrower range.
Monokurtic
Describing a distribution that has kurtosis similar to that of a normal distribution, indicating the data has moderate outliers or none, and the peak of the distribution is neither flat nor too sharp.
Standard Error
For a sampling distribution (the distribution of scores for a sample), the standard deviation is called the standard error.
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