On an Afternoon That a Class Meets, You Could Alternatively

question 364

Multiple Choice

On an afternoon that a class meets, you could alternatively study for an exam that will take place in another class the next morning, go to a movie with a friend, or, most desirable to you at present, take a nap. The opportunity cost of attending the afternoon class is

• A) forgoing the nap.
• B) missing seeing the movie with your friend.
• C) giving up the time to study for the next morning's exam.
• D) being unable to engage in all three of the above activities.

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Definitions:

Coefficient Of Determination

A statistical measure, often represented as R^2, indicating the proportion of the variance in the dependent variable that is predictable from the independent variables.

Least Squares Line

A straight line that minimizes the sum of the squared differences between observed values and values predicted by the line.

API Gravity

A measure of how heavy or light a petroleum liquid is compared to water, used in the oil industry.

Regression Line

A line through a scatterplot of data points that best expresses the relationship between those points, often used in predicting outcomes.