Answer: This is called <u>Self-interest bias</u>.
Explanation:
When someone is using this type of bias they are doing it for their own self interest. They will use all information gathered to use the information that will benefit themselves and their interests. This can be considered unethical in some types of businesses. The person using self interest bias will try to blame others for any failures that they may have. They may also refuse to take personal responsibility in any situation.
These are three other types of bias;
- Selection bias
- Information bias
- Confounding
COMPLETE QUESTION:
The statements and equations below show various ways of defining average variable cost, marginal cost, and average total cost. Below, TC is used to abbreviate total cost, VC is used to abbreviate Variable cost, and Q is used to abbreviate quantity. Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost.
Average Variable Cost Marginal Cost Average (Total) Cost
The amount by which total cost increases when an additional unit is produced
Total cost divided by quantity of output
Change in the total cost divided by change in output
VC / Q
The sum of all costs that change as output changes divided by the number of units produced.
TC / Q
ΔTC/ΔQ
Answer and Explanation:
Marginal Cost is the value by which total cost increases when more units are produced.
Marginal Cost = VC / Q
Average Variable Cost is the cost per the quantity of output. It is the difference in the Total Cost per change in output.
Average Cost is the addition of all costs that change due to changes in output per the number of units produced.
TC / Q= Variable Cost
ΔTC/ΔQ= marginal cost
Answer:
B. she is confusing between price elasticity of demand and income elasticity of demand.
Explanation:
Income elasticity of demand measures the change of quantities demanded for a particular good to a change in its income.
It is therefore calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.
Price elasticity of demand is a measure of the change in the quantity demanded or purchased of a product in relation to its price change.
Mathematically:
Price Elasticity of Demand = % Change in Quantity Demand / % Change in Price.
From the above definitions stated about income and price elasticity of demand, the income in that year increased but the quantity of goods demanded decreased further by 5% from the predicted 7% (12 %)
Answer:
$3,750
Explanation:
The truck was only used for 3 months of the year. Therefore, the 3 months of depreciation equals:
$3,750 = ($30,000 x 2/4 x 3/12)
Answer:
The answer is: E) $5.30
Explanation:
The first 500 cups are sold at $10.50 per cup.
Then cups 501 to 1,000 are sold at $10.25 per cup.
Cups 1,001 and beyond are sold at $10 per cup.
The cost of producing one cup of coffee is $4.70 regardless of how many cups are produced.
The 1,125th cup will be sold at $10 and cost $4.70, the marginal revenue is $5.30.
