MAPE Stands For

question 48

Multiple Choice

MAPE stands for:

• A) Mean Absolute Percentage Error.
• B) Mode Absolute Proportion Exponent.
• C) Median Absolute Percentage Error.
• D) More Advanced Programming Estimation.
• E) Mean Advanced Programming Exponential.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.

Pin Factory

An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.