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Table 2.5
Table 2.5 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles.
-Refer to Table 2.5. What is Fred's opportunity cost of making a unicycle?
Directionality Problem
In research, the issue of not knowing whether variable A causes variable B or vice versa.
Correlational Studies
Correlational studies are research methods that examine the relationship between two or more variables to determine if a statistically significant association exists, without inferring cause and effect.
Correlation
A statistical measure that indicates the extent to which two variables fluctuate together, without necessarily implying causation.
Independent Variable
The variable in an experiment that is manipulated or changed by the researcher to investigate its effect on the dependent variable.
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