An Article Comparing the Value of Several Popular Caribbean Resorts

question 23

Multiple Choice

An article comparing the value of several popular Caribbean resorts collected the following data: price per night,amenities (pool,weight room,etc.) ,whether the resort was all inclusive or not,location (beach,inland,etc.) ,average room size (square feet) ,and resort size (acres) .

• A)Price per night,quantitative,dollars; amenities,categorical; all inclusive or not,categorical; location,categorical; average room size,quantitative,square feet; resort size,quantitative,acres.
• B)Price per night,quantitative,dollars; amenities,categorical; all inclusive or not,quantitative,yes or no; location,categorical; average room size,quantitative,square feet.
• C)Price per night,quantitative,dollars; amenities,categorical; all inclusive or not,categorical; location,categorical.
• D)Amenities,categorical; all inclusive or not,categorical; location,quantitative,feet; average room size,quantitative,square feet; resort size,quantitative,acres.
• E)Price per night,categorical; amenities,categorical; all inclusive or not,categorical; location,categorical; average room size,quantitative,square feet; resort size,categorical.

Understand the concept of opportunity costs and its relevance in a manufacturing context.

Understand the concept of the relevant range and its application to cost behavior.

Differentiate between variable, fixed, and mixed costs, including their behaviors in response to changes in activity levels.

Identify the characteristics and examples of committed fixed costs.

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Definitions:

Asymptotes

Lines that a graph of a function approaches but never touches, indicating direction of curves infinitely far away.

Hyperbola

A type of smooth curve lying in a plane, formed by the intersection of a double cone with a plane in such a way that both halves of the curve are mirror images of each other.

Graph

The visual representation of data or functions on a coordinate system, showing relationships between variables.

Standard Form

A way of writing numbers using digits, or a specific way to write equations, such as Ax + By = C for lines.