The following information regarding the top eight Fortune 500 companies was presented in an issue of Fortune Magazine.
a.How many elements are in the above data set?
b.How many variables are in this data set?
c.How many observations are in this data set?
d.Which variables are categorical and which are quantitative variables?
e.What measurement scale is used for each variable?
Definitions:
Market Price
Refers to the current price at which a good or service can be bought or sold in a marketplace.
Variable Costs
Costs that vary directly with the level of production or output, such as raw materials and direct labor expenses.
Revenue
The total amount of money received by a company for goods sold or services provided during a certain period.
Market Price
The current price at which an asset or service can be bought or sold in a given market.
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