value added. The difference between the value of a good after a production process, less the value of all the inputs in producing the good. value added tax (VAT). A tax on the value added from one stage of the production and distribution process to another that is imposed as a percentage of the price of the good or service. Manufacturers can claim a credit on all items they purchased equal to the VAT they paid, but must pay the VAT on the goods they sell. variable. Anydung that can vary. In mathematical problems, a variable is usually denoted by a letter or symbol. variable costs. Costs that vary with the level of output. variable factor. A factor of production that can be varied in the shortrun,such as the amount of electricity. variable rate pricing. Pricing where the price paid per unit depends on the units used. variance. A measure of dispersion of a variable, defined as the average of the squared deviations from the arithmetic mean. variance-covariance matrix. A symmetric matrix where the elements along the main diagonal (aijwhere i=j) are the variances of the variables, and the covariances of variables i and j are given by the element aij , where i does not equal j. vector. 1. A matrix consisting of one row or column. 2. Animals, such as insects, that transmit disease from one host to another. vehicle bias. The potential bias that may arise from the hypothetical method of payment in surveys designed to...
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