The Manager of the Customer Service Division of a Major

question 17

Multiple Choice

The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a videocassette recorder over the past 12 months are satisfied with their products.If there are 4 different brands of videocassette recorders made by the company,the best sampling strategy would be to use a:

• A)simple random sample.
• B)stratified random sample.
• C)cluster sample.
• D)self-selected sample.

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Definitions:

Demand Curves

Graphical representations showing the relationship between the quantity of goods consumers are willing and able to purchase at various prices, typically downward sloping from left to right.

Own Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, holding all else constant.

Specific Tax

A tax that is levied as a fixed amount per unit of a good or service, rather than a percentage of the price.

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good, indicating the flexibility of producers.