If the Demand for Plastic Surgery Is Price Inelastic

question 77

Multiple Choice

If the demand for plastic surgery is price inelastic,

• A) changes in price do not affect the number of operations.
• B) then when more plastic surgery is performed, total expenditures on plastic surgery will decrease.
• C) the percentage change in price is less than the percentage change in quantity.
• D) both b and c
• E) both a and b

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Definitions:

One-Sample Test

A statistical test used to determine whether a sample mean significantly differs from a known or hypothesized population mean.

Hypothesized Proportion Value

A specified value of a population proportion in hypothesis testing that serves as the basis for comparing with the proportion observed in the sample data.

Proportion

A part, share, or number considered in comparative relation to a whole; a fraction or percentage of a total.

Z-Test

A statistical test used to determine whether two population means are different when the variances are known and the sample size is large.