Lucy Baker Is Analyzing Demographic Characteristics of Two Television Programs $\bar { x }$

question 11

Multiple Choice

Lucy Baker is analyzing demographic characteristics of two television programs, American Idol (population 1) and 60 Minutes (population 2) .Previous studies indicate no difference in the ages of the two audiences.(The mean age of each audience is the same.) Her staff randomly selected 100 people from each audience, and reported the following: $\bar { x }$ ₁ = 43 years and $\bar { x }$ ₂ = 45 years.Assume that $\sigma$ ₁ = 5 and $\sigma$ ₂ = 8.With a two-tail test and $\alpha$ = .05, the critical z values are _________________.

• A)-1.64 and 1.64
• B)-1.96 and 1.96
• C)-2.33 and 2.33
• D)-2.58 and 2.58
• E)-2.97 and 2.97

Explain how the definition of a product affects its elasticity of demand.

Determine the elasticity of demand for necessities versus luxuries.

Calculate the impact of price changes on quantity demanded and total revenue using elasticity coefficients.

Understand how specific and challenging goals affect commitment and motivation.

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Definitions:

Positive

In economics, it often refers to statements or propositions that can be tested and validated against real-world data, as opposed to normative, which are value-based.

Infinite

A term used to describe a quantity without bounds or end, often used in mathematics and physics to describe an unquantifiably large magnitude.

Zero

A number representing the absence of any quantity or measure; it is a fundamental concept in mathematics and sciences.

Positive

Referring to a condition or quantity that is more than zero, often associated with good or desirable outcomes.