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If output price is $4 and marginal cost is $1, calculate the price elasticity of demand according to the rule of thumb given in the text.
Expected Frequency
The number of occurrences of an event expected in a study based on a probability model.
Sample Size
The number of observations or subjects used in a study or experiment, which represents a portion of the population being studied.
Test Statistic
A value calculated from sample data used to determine whether to reject the null hypothesis in a statistical test.
Critical Value
A threshold value in hypothesis testing that defines the boundary for rejecting the null hypothesis; it depends on the chosen significance level.
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