In the Demand Equation Log(Q) = a - B Log(P)

question 37

Multiple Choice

In the demand equation log(Q) = a - b log(P) + b₂ log(P₂) + c log(I) , where P is the price of the good in question, P₂ is the price of a second good and I is income, the second good must be:

• A) a normal good.
• B) an inferior good.
• C) a substitute for the good in question.
• D) a complement for the good in question.

Differentiate between the various nonparametric tests used for hypothesis testing, including their applications and limitations.

Understand and identify the scenarios where the Wilcoxon rank sum test and Wilcoxon signed rank sum test are appropriately applied.

Comprehend the calculation and interpretation of ranks in nonparametric tests.

Identify the nonparametric counterparts to parametric tests, specifically for comparing population means or locations.

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