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What does ''highly correlated'' mean?
Correlation is defined as the degree of relationship between two or more variables. It is also called the simple correlation. The degree of relationship between two or more variables is called multi correlation. when two or more variables are said to be higjly correlated it means that they have a strong relationship such that a given rise or fall in one variable will lead to a direct change in the other variable or variables. good examples of highly correlated variables are price and quantity, wage rate and out put, tax and income.
What is the typical relationship between inflation and unemployment?
The typical relationship between inflation and unemployment is known as the Phillips curve. It suggests that there is an inverse relationship between the two - when inflation is high, unemployment tends to be low, and vice versa. This means that as one decreases, the other tends to increase.
What is the significance of a perfect complements graph in understanding the relationship between two variables?
A perfect complements graph helps to show how two variables are related in a specific way where they must be used together in fixed proportions. This type of graph is significant in understanding how the quantities of the two variables are interdependent and how they affect each other's utility or satisfaction.
What is the relationship between average product and average variable cost?
There is an inverse relationship between the two. The formula for showing this is AVC=1/APL. Using this formula you will be able to figure out each one.
What is an expression for the government's choice between making military goods or consumer goods?
You are likely referring to GUNS VERSUS BUTTER MODELsimple production–possibility frontier. It demonstrates the relationship between a country's investment in defense and civilian goods being inverse. A country has to choose between the two options when spending its money, which is finite.
