What Are Some of the Errors and Inconsistencies in Data

question 54

Essay

What are some of the errors and inconsistencies in data that the cleansing process is looking to rectify?

---

Definitions:

Long-Run Supply Curve

A curve showing the relationship between price and quantity supplied that takes into account all possible adjustments in inputs and outputs.

Constant-cost Industry

An industry where the costs of production do not change as the total output in the industry changes.

Long-run Supply

Long-run Supply refers to the quantity of a good that producers are willing and able to supply onto the market at different price levels when all production inputs can be varied.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.