The Sample Size Needed to Provide a Margin of Error

question 25

Multiple Choice

The sample size needed to provide a margin of error of 2 or less with a .95 probability when the population standard deviation equals 11 is

• A)10
• B)11
• C)116
• D)117

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Definitions:

Elasticity of Demand

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Perfectly Inelastic

A market situation where the quantity demanded or supplied does not change in response to a change in price.

Elasticity of Demand

An indicator of the responsiveness of the quantity of a product demanded to its price alterations.

Total Revenue

The total income a firm receives from the sale of its products, calculated as the price per unit times the number of units sold.