employer. For a product of your choice: 1. Clearly explain the main cost elements and the nature of those costs – define and give relevant examples of variable‚ fixed‚ semi-variable‚ direct and indirect costs 2. Suggest the weekly production level and a breakdown of costs for one product from your chosen business. Then calculate the marginal and absorption costs per unit. 3. Describe at least 2 methods of setting the price‚ including cost-plus pricing. Then suggest which method is best suited
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understanding of hypothesis testing. The textbook explained the aspects and steps of hypothesis testing in a legible fashion‚ while the video helped demonstrate a real-life application. I learned from the text that hypothesis testing is a “Procedure for deciding whether the outcome of a study (results from a sample) supports a particular theory or practical innovation (which is thought to apply to a population)” (Aron A.‚ Aron‚ E.‚ and Coups‚ 2011‚ p. 145). I also learned that hypothesis testing
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The simple regression model (SRM) is model for association in the population between an explanatory variable X and response Y. The SRM states that these averages align on a line with intercept β0 and slope β1: µy|x = E(Y|X = x) = β0 + β1x Deviation from the Mean The deviation of observed responses around the conditional means µy|x are called errors (ε). The error’s equation: ε = y - µy|x Errors can be positive or negative‚ depending on whether data lie above (positive) or below the conditional
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Pearson’s Correlation Coefficient Pearson’s correlation coefficients are the most widely used method of measuring the degree of relationship between two variables. This coefficient assumes the following: That there is a linear relationship between the two variables; That the two variables are casually related which means that one of the variables is independent and the other one is dependent; and A large number of independent causes are operating in both the variables so as to produce a
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GINI COEFFICIENT The Gini coefficient is a summary statistic that measures how equitably income is distributed in a population. It is derived from the Lorenz curve which plots the cumulative percentages of the income and the population against which it is distributed. The line at 45 degrees thus represents perfect equality of incomes. The Gini coefficient is the ratio of the area that lies between the line of equality and the Lorenz curve divided by the total area under the line of equality. A
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drive in two cars at the same time”. And so Merali has decided to give back to the community through charity and creating employment. Though he owns several banks‚ Merali says one may not believe that his personal bank account balance sometimes reads zero. He discloses: “I have made a decision to give 50% of my annual earnings to charity. However‚ sometimes I exceed the limit and find I have given 100 per cent”‚ he says with a shy smile. Creating employment is the next passion for the 62- year old
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Hypothesis Testing I Pat Obi What is a “Hypothesis?” A statement or claim about the value of a population parameter: μ‚ σ2‚ p Pat Obi‚ Purdue University Calumet 2 Decision Rule 1. x 0 Z s n Compare calculated Z value to Z value from Table (critical Z value) Reject H0 if calculated Z value lies in the rejection/significance region (i.e. region) ALTERNATIVELY: 2. Compare p-value to Reject H0 if p-value < Pat Obi‚ Purdue University Calumet 3 Two-Tail Test Ex: H0: 0
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The reason for this experiment was to figure out which solution would prevent the apples from browning the most and to determine if pH has an effect on the prevention of browning of the apples. My hypothesis stated that white grape juice would prevent the apples from browning the most. This hypothesis was refuted‚ lemon was actually the solution that prevented the browning of the apples the most. Before the apples were dipped in the solution‚ the average rating of the apples on a scale of 0 to 5
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individual gets addicted to illicit drugs and alcohol consumption. In the article Marvin-Humann (2008) the results show that the external motivation and the individual needs determine the craving level. The interpersonal therapy‚ however‚ increases the internal motivation level which develops the self-esteem and reduces the craving level. This would provide them an insight to the addiction and seeks medical assistance. In most situation the victim‚ in spite of completing the program‚ the retrogression rate
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CHAPTER 7 THE TWO-VARIABLE REGRESSION MODEL: HYPOTHESIS TESTING QUESTIONS 7.1. (a) In the regression context‚ the method of least squares estimates the regression parameters in such a way that the sum of the squared difference between the actual Y values (i.e.‚ the values of the dependent variable) and the estimated Y values is as small as possible. (b) The estimators of the regression parameters obtained by the method of least squares. (c) An estimator
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