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What is a lab based data collection?
Laboratory-based data collection involves collecting data in an environment where all the conditions and variables are controlled, so that you are only measuring the variables in question.
How do you solve when market demand is P equals 1200-Q?
You need the supply equation, a cost function of the suppliers or one of those variables. If this is a competitive market, demand=supply so set the equations equal and solve..
What is the differecnce between independent variables and dependent variables?
Every time the independent variables change, the dependent variables change.Dependent variables cannot change if the independent variables didn't change.
What are controlled independent and dependent variables?
control variables: the things that are not changing.Independent variables: the things that you change.Dependent variables: the things that are changed due to the independent variable
Why do you use dummy variables?
to quantify the qualitative variables.
