Part IV Regression Models
Chapter 19 Linear Patterns
Many Factors Affect the Price of a Commodity.
These factors fall into two broad categories: fixed costs and variable costs. As an example, let’s consider the price charged by a jeweler for a diamond.
The variable cost of a diamond depends on its size. A variable cost is the product of the quantity being sold times the cost per unit of quantity. For a diamond, the variable cost is the product of its weight (in carats) ...
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