The Degree to Which Changes in One Variable Are Associated

question 11

Multiple Choice

The degree to which changes in one variable are associated with changes in another variable.

• A) cluster analysis
• B) regression analysis
• C) correlation analysis
• D) conjoint analysis
• E) factor analysis

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of a good changes as more of that good is produced.

Average Variable Cost Curve

A graphical representation showing how the average variable cost of production changes as the quantity of output changes.

Marginal Cost

The augmentation in cumulative cost resulting from the manufacture of an additional unit.

Average Total Cost

The total cost of production divided by the quantity produced, representing the average cost per unit of output.