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Use the information below to answer the following questions.
Fact 3.5.1
The market for coffee is initially in equilibrium.Pepsi is a substitute for coffee;cream is a complement of coffee.Consider the market for coffee.Assume that all ceteris paribus assumptions continue to hold except for the event listed.
-Refer to Fact 3.5.1.If coffee is a normal good,then a decrease in income will
Generalizations
Statements or conclusions that are made based on specific cases or evidence but are applied more broadly to larger groups or situations.
Categorical Data
Data that fit into distinct categories such as zip code or academic major.
Continuous Data
Data with incremental values between the minimum and maximum. For example, age can have values of years, months, weeks, days, hours, minutes, or seconds.
Frequencies
The counts or occurrences of specific events or characteristics in a set of data.
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