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Author Question: Costs are related to output because A) output is variable over the long run. B) inputs are related ... (Read 118 times)

wrbasek0

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on: Jun 30, 2018
Costs are related to output because
 A) output is variable over the long run.
  B) inputs are related to output.
  C) some inputs are fixed.
  D) inputs must be paid their opportunity costs.

Question 2

Point out the relevance of the Bayes' theorem.


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Sierray

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

Bayes' theorem provides guidance on how to revise prior probabilities as new information
is acquired. The degree of revision depends on both the probability of the information that was found and on what is known about the probabilities of the data.


wrbasek0

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Reply #2 on: Jun 30, 2018
Thank you :)


Sierray

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Reply #3 on: Jun 30, 2018
Happy to help you


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