How Do the Reliability and Validity of a Measure Differ

question 19

Essay

How do the reliability and validity of a measure differ from each other? Is it possible for a measure to be reliable but not valid? If so, how? Is it possible for a measure to be valid but not reliable? How?

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Definitions:

Total Revenue

The entire amount of income generated by the sale of goods or services before any expenses are deducted.

Price Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in its price.

Oysters

Oysters are a type of shellfish that are consumed as a delicacy around the world, known for their unique taste and nutritional benefits.

Price Elasticity

measures how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater sensitivity to price changes.