The <span>Three outcomes which are the success, failure, and proficient are </span><span>not one of the four criteria for a geometric setting.
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The criteria for geometric setting are:</span>
1. Each observation is subdivided into two categories: Success and Failure.
2. The probability of success remains constant for each observation.
3. The observations are always independent.
4. The variable of interest is defined as the number of trials required to obtain the first success.
Answer:
The action of opportunity cost is that is the subjective measurement which could be determined only through the individual, who selects the action.
Explanation:
Opportunity cost is the cost or an expense or the value of the next best possible thing which the person or an individual gave up whenever make or take a decision.
In short, it is the loss of the gain that is potential from the other alternatives which are available when an individual or person selects the alternative.
Therefore, the action of the opportunity cost is the cost which is the subjective measure, that could be determined only through individual, who selects the action.
Answer:
The correct answer is letter "C": marginal thinking.
Explanation:
Marginal Cost of Production is an economic term that refers to the change in production costs resulting in producing one more unit. It is most often used within manufacturers as a means of identifying an optimum production level. The formula to calculate the cost of production is the change in total production cost divided by the change in total quantity produced.
As Marie is analyzing the extra benefit and cost of buying one more banana, economists would say she is performing "<em>marginal thinking</em>".
Well, she could not get a refund. So her best option is the sell the gym and RENT a yoga studio so she doesn't get disappointed again.
