The following information regarding the ten richest Americans was reported in a recent issue of Forbes.
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?
e.What measurement scale is used for each variable?
Definitions:
Consumption Bundle
A combination of various goods and services that a consumer chooses to purchase.
Units Of Y
A measure or quantity of a variable \"Y\", often used in economic and mathematical models to quantify something.
Fixed Proportions
A production process condition where inputs must be used in strict, unchangeable ratios to produce an output; no substitution between inputs is possible.
Utility Function
An economic term describing how different goods or services yield different levels of satisfaction or utility to a consumer.
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