TABLE 16-3
the Following Table Contains the Number of Complaints

question 39

Multiple Choice

TABLE 16-3
The following table contains the number of complaints received in a department store for the first 6 months of last year.
$$\begin{array} { l c } \text { Month } & \text { Complaints } \\\text { January } & 36 \\\text { February } & 45 \\\text { March } & 81 \\\text { April } & 90 \\\text { May } & 108 \\\text { June } & 144\end{array}$$
-Referring to Table 16-5, the best interpretation of the coefficient of Q₃ (0.617) in the regression equation is

• A) the number of contracts in the third quarter of a year is approximately 62% higher than it would be during the fourth quarter.
• B) the number of contracts in the third quarter of a year is approximately 62% higher than the average over all 4 quarters.
• C) the number of contracts in the third quarter of a year is approximately 314% higher than the average over all 4 quarters.
• D) the number of contracts in the third quarter of a year is approximately 314% higher than it would be during the fourth quarter.

Determine the characteristics of goods based on their income elasticity values.

Understand the concept and implications of cross-price elasticity of demand.

Recognize the effects of changes in supply and demand on market equilibrium prices and quantities.

Identify and analyze the impact of external factors on supply and demand.

---

Definitions:

Anecdotal Evidence

Information based on personal accounts, stories, or experiences, rather than on scientifically collected data or statistics.

Observational Study

A study wherein researchers observe and record data without manipulating any variables, in contrast to an experimental study.

Matched Pairs

A study design in which subjects are paired based on specific characteristics, with one in each pair receiving treatment and the other not.

Blocking

A technique in experimental design used to reduce the effects of nuisance variables by grouping subjects into blocks based on these variables.