Statistics Are Used in Quantitative Data Analysis for Two Purposes

question 31

Multiple Choice

Statistics are used in quantitative data analysis for two purposes:

• A)Description and interpretation.
• B)Conclusion and theorisation.
• C)description, using descriptive statistics, and prediction, using inferential statistics.
• D)Mathamatical manipulation and decision making.

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Definitions:

Derived Demand

Demand for a factor of production or intermediate good that occurs as a result of the demand for another good or service.

Resource

An asset or input that is utilized in the production of goods and services, often categorized into natural, human, and capital resources.

MRP

Short for Marginal Revenue Product, it represents the additional revenue generated by employing one more unit of a factor, such as labor or capital.

Imperfect Competitor

An imperfect competitor is a market participant that does not meet the conditions of perfect competition, often having some control over the price of its products due to a lack of numerous competitors or product differentiation.