Simple Random Sampling

question 22

Multiple Choice

Simple random sampling:

• A)Is not sophisticated enough for an academic research project.
• B)Does not involve the use of a sampling frame.
• C)Is the same as cluster sampling.
• D)Is a probability sampling technique.

Differentiate between derived demands for labor and other types of resource demands.

Evaluate the effects of price changes on the demand for labor and other resources, considering the substitution and output effects.

Comprehend the role of marginal revenue product (MRP) and marginal resource cost (MRC) in resource hiring decisions.

Understand the implications of the law of diminishing returns on the MRP curve and hiring practices.

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Definitions:

Wasting Assets

Resources that decrease in value over time due to physical deterioration or depletion, such as minerals, oil reserves, or patents.

Units-of-production Method

A depreciation method that allocates an asset's cost based on its use or output during the period, considering the number of units produced.