Choose a Research Topic of Interest to You and Devise

question 59

Essay

Choose a research topic of interest to you and devise a scale to measure a relevant variable using one of the following methods:
a. Bogardus social distance scale
b. Guttman scale
Be sure to discuss all the steps you would go through in constructing your scale.

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Definitions:

Substitution Effect

The economic principle that as the price of a good increases, consumers will replace it with cheaper alternatives, whereas if the price decreases, the good will become more preferable.

Output Effect

The effect that changes in the price level have on production due to the incentive for producers to increase supply when the price is higher.

Profit-maximizing

The method a company uses to identify the pricing and production volume that maximizes profit.

Marginal Product

The additional output that is produced by using one more unit of a factor of production, all else held constant.