The Idea That It Takes 90 Percent of Your Time

question 235

Multiple Choice

The idea that it takes 90 percent of your time to clean up the last 10 percent of your house illustrates that

• A) the marginal cost of cleaning up slopes downward.
• B) the marginal cost of cleaning up slopes upward.
• C) the marginal benefit of cleaning up is constant.
• D) the marginal benefit of cleaning up slopes upward.

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Definitions:

Inferential Statistics

The branch of statistics that makes predictions or inferences about a population based on a sample of data drawn from that population.

Probability

The measure or likelihood of a particular event or outcome occurring.

Sampling Error

The discrepancy between the statistical characteristics of a sample and those of the overall population, arising because the sample is not perfectly representative.

Mean Number

The average value of a set of numbers, calculated by dividing the sum of all the numbers by the count of the values.