Which of the Following Is a Common Description of Information

question 71

Multiple Choice

Which of the following is a common description of information?

• A) collection of unprocessed data
• B) unbiased, unrelated data
• C) knowledge derived from data
• D) list of recorded facts or figures
• E) an array of related variables

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Definitions:

Lagrangian Technique

A mathematical method used in economics and engineering to find the maximum or minimum values of a function subject to constraints.

Optimal Capital/Labor Ratio

The most efficient mix of capital and labor that maximizes output or minimizes cost for producing a given level of output.

Production Function

An equation that describes the maximum output of a firm, given the quantity of inputs.

Variable Cost Function

A mathematical representation of the costs that vary with the level of output or activity, unlike fixed costs.