Exhibit 5-6 A Sample of 2,500 People Was Asked How Many Cups

question 34

Multiple Choice

Exhibit 5-6
A sample of 2,500 people was asked how many cups of coffee they drink in the morning. You are given the following sample information.
-Refer to Exhibit 5-6. The expected number of cups of coffee is

• A)1
• B)1.2
• C)1.5
• D)1.7

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Definitions:

Increase

A rise in quantity or quality in a given context, such as price, value, or productivity.

Price Elasticity

An index reflecting the degree to which the demand for a product varies with a shift in its cost.

Supply

represents the total amount of a product or service that is available for purchase at any given price in a market.

Price Change

Price change refers to the variation in the cost of goods and services over time.