When You Meet Joe,he Tells You That He Loves Math

question 119

Multiple Choice

When you meet Joe,he tells you that he loves math and building computers and robots.You decide that Joe must be an engineering student and not a liberal arts student,even though there are more liberal arts students at your school.In making this decision,you have just used

• A) the representativeness heuristic.
• B) an algorithm.
• C) the availability heuristic.
• D) an analogy.

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Definitions:

High-low Method

A technique used in cost accounting to determine the variable and fixed components of a cost by analyzing the highest and lowest activity levels.

R-squared

R-squared is a statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

High-low Method

A technique used in managerial accounting to estimate fixed and variable costs associated with production or business operations based on the highest and lowest levels of activity.

Cost Estimation

The process of forecasting the cost of completing a project with a defined scope.