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Jason Is Using the Demographic Variables of Highest Level of Educational

question 43

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Jason is using the demographic variables of highest level of educational attainment (high school graduate,some college,college graduate,graduate school) and ethnicity (Asian,African-American,Caucasian,Hispanic,other) to describe survey respondents.Both are examples of _____ variables.


Definitions:

Maximizing Profits

The goal of increasing a company's earnings to the highest possible level through various strategies and operational improvements.

Total Profit

The financial gain made by a business after subtracting all expenses, taxes, and costs from total revenues.

Profit-Maximizing

A strategy in which a firm seeks to achieve the highest possible profit from its operations, often by adjusting output or prices.

Marginal Revenue

The additional revenue that a company earns from selling one more unit of a product or service.

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