What is the difference between the SS Error and SS Total?
Ans: SS Error uses the prediction rule; SS Total predicts from the mean.
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Lydia runs a small nail salon in the town of New Hope. She is debating whether she should extend her hours of operation. Lydia figures that her sales revenue will depend on the number of hours the nail salon is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $10 per hour.
What is Lydia's marginal benefit if she decides to stay open for two hours instead of one hour?
a. $125
b. $75
c. $25
d. $50
Which of the following decreases the natural unemployment rate?
A) higher oil prices B) a recession C) a decrease in aggregate demand so that fewer workers are needed D) many young people entering the labor force E) rapid technological change that increases the demand for labor
If the economy is in equilibrium at less than full employment, Keynesian economists would recommend that the government
a. do nothing b. pursue fiscal policy to stimulate aggregate demand c. pursue fiscal policy to stimulate aggregate supply d. balance the budget e. cut government spending to eliminate deficit spending
The lower the concentration ratio, the
a. more control an individual firm has to set prices. b. more competitive the industry. c. less competitive the industry. d. Both a and c are correct.