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Exhibit 10.1
The following questions are based on the problem description and the output below.
A college admissions officer wants to evaluate graduate school applicants based on their GMAT scores, verbal and quantitative. Students are classified as either successful or not-successful in their graduate studies. The officer has data on 20 current students, ten of whom are doing very well (Group 1) and ten who are not (Group 2) .
-Refer to Exhibit 10.1. The straight line distance between two points (X1, Y1) and (X2, Y2) is calculated as
Average Revenue
Total revenue from the sale of a product divided by the quantity of the product sold (demanded); equal to the price at which the product is sold when all units of the product are sold at the same price.
Average Cost
is the cost per unit of output, calculated by dividing total costs by the total quantity of output produced.
Patent
A legal document granted by the government, giving an inventor exclusive rights to use, make, and sell an invention for a certain period of time.
Business Process
A set of activities or tasks that organizations perform in a repeatable and systematic manner to achieve designated goals.
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