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Suppose that we want to model the randomized block design of the analysis of variance with,say,one nominal variable with three categories and one nominal variable with four categories.We would create:
Price
The amount of money required to purchase a good or service, typically determined by supply and demand.
Quantity
The amount or number of a product or service that is available for use or sale.
Technological Advance
Innovations and improvements in technology that increase production efficiency or introduce new goods and services.
Equilibrium Price
The market price where the quantity of goods supplied is equal to the quantity of goods demanded, leading to market stability.
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