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Telephone survey
A political telephone survey of 360 people asked whether they were in favor or not in favor of a proposed law.Each person was identified as either Republican or Democrat.The results are shown in the following table:
-Given that the respondent was in favor of the proposed law,what is the probability that they were a Republican?
Bushels
A measurement of volume mainly used in the United States for quantifying agricultural products.
Diminishing Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant.
Average Variable Cost
The total variable cost divided by the quantity of output produced, representing the average cost of production excluding fixed costs.
Average Total Cost
The sum of all production costs divided by the quantity of output produced, representing the cost per unit of output including both fixed and variable costs.
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