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The analysis of variance is a procedure that allows statisticians to compare two or more population:
Total Costs
The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.
Variable Costs
Costs that vary directly with the level of production or sales volume.
Fixed Costs
Costs that do not vary with the level of output or production, such as rent or salaries.
Profit
The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.
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