(I a Frequency Table Is a Grouping of Qualitative Data

question 71

Multiple Choice

(i. A frequency table is a grouping of qualitative data into mutually exclusive classes showing the number of observations in each class. (ii) Simple bar charts may be constructed either horizontally or vertically.
(iii) A relative frequency table shows the fraction or percent of the number of observations in each class.

• A) (i), (ii) and (iii) are all correct statements.
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).

---

Definitions:

Cost Of Production

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead.

Convex Isoquants

Curves that depict combinations of inputs that yield the same level of output in a production process, where convexity implies diminishing marginal rates of technical substitution.

Expansion Path

In economics, the curve that shows how a firm's production changes as it increases inputs, keeping the input mix proportionate.

Marginal Product

The additional output obtained by employing one more unit of a specific input, keeping all other inputs constant.