Which of the Following Is Most Likely to Be a Variable

question 177

Multiple Choice

Which of the following is most likely to be a variable cost for a manufacturer of amusement park rides?

• A) annual lease of a tractor-trailer used to deliver rides to buyers
• B) executive salaries
• C) warehouse rent to store semi-finished and finished rides
• D) workers' insurance
• E) steel,lumber,and aluminum used in construction of rides

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Definitions:

Independence

A concept in probability and statistics indicating that two events or variables have no association or influence on each other.

Categorical Variables

Variables that represent categories and can take on a limited, and usually fixed, number of possible values.

Degrees Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or in the calculation of a statistic, typically in the context of parameter estimation.

Chi-Square Distribution

A statistical distribution used to describe the distribution of a sum of the squares of independent random variables.