If the Price of Beef Increased by 20 Per Cent

question 11

Multiple Choice

If the price of beef increased by 20 per cent and the quantity supplied increased by 10 per cent, then the supply of beef is

• A) perfectly inelastic.
• B) elastic.
• C) perfectly elastic.
• D) unit elastic.
• E) inelastic.

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Definitions:

Sample Proportion

The fraction or percentage of the sample that represents a particular characteristic or attribute.

Population Proportion

The ratio of members in a population who have a particular property to the total number of members in the population.

Binomial Experiment

An experiment or trial that can result in only two possible outcomes, such as success or failure, and follows the binomial distribution.

Probability of Success

The likelihood measured as a fraction or percentage, of achieving a desired outcome or positive result in an experiment or trial.