Instruction 1-1 The Manager of the Customer Service Division of a Major

question 86

Multiple Choice

Instruction 1-1
The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a DVD recorder made by the company over the past 12 months are satisfied with their products.
-Referring to Instruction 1-1,the possible responses to the question "How many DVD players made by other manufacturers have you used?" are values from a

• A)discrete random variable.
• B)continuous random variable.
• C)categorical random variable.
• D)parameter.

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Definitions:

Implicit Costs

Indirect, non-monetary expenses involved in pursuing an activity or decision, often reflected as the opportunity cost of using resources.

Explicit Costs

Cash disbursements to external parties for the operation costs of a business, like employee salaries, rental expenses, and raw materials.

Explicit Cost

The monetary payment made by a firm to an outsider to obtain a resource.

Accounting Profits

The net income a company has after subtracting all costs and expenses from total revenue, as recognized in financial statements.