The table given below represents the output per hour of cookies and chilies in Ohio and Iowa.Table 2.4
-Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bob?
Definitions:
Independent Variable
A variable that is manipulated to determine its effect on a dependent variable.
Critical T Value
The threshold value in t-testing that determines whether to reject the null hypothesis, based on the desired level of significance.
Significance
The likelihood that a relationship between two or more variables is caused by something other than random chance.
Slope
The slope is the measure of the steepness or incline of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.
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