What Are the Two Categories of Quantitative Models

question 109

Multiple Choice

What are the two categories of quantitative models?

• A) Delphi and non-causal
• B) Causal and non-causal
• C) Delphi and time series
• D) Causal and time series
• E) Causal and Delphi

---

Definitions:

Market Price

The price at which goods and services are sold in the market, determined by the forces of supply and demand.

Profit

The financial gain made in a transaction or operation, calculated as total revenue minus total costs.

Total Variable Costs

The complete costs that vary with output level, such as materials and labor, in the production process.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.