Which of the Following Variables Do You Need to Know

question 215

Multiple Choice

Which of the following variables do you need to know to calculate marginal cost?
i.change in total cost
ii.marginal product of labor
iii.change in quantity of labor used
iv.change in output

• A) i and ii
• B) i and iv
• C) ii and iv
• D) i, iii, and iv
• E) Only ii

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Definitions:

Worst Predictor

A variable or factor that provides little to no useful information in forecasting or predicting outcomes.

Linear Effects

The impact on a dependent variable that is proportional to the change in an independent variable, suggesting a straight-line relationship in a statistical model.

Months Of Service

The total number of months an individual has worked or served in a particular job or capacity.

Typing Speed

The rate at which an individual can type, typically measured in words per minute (WPM), indicating keyboarding efficiency.