If the Managers of the Bus System Found That Revenues

question 255

True/False

If the managers of the bus system found that revenues increase when fares are raised, they would conclude that price elasticity demand for subway service is inelastic.

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Definitions:

Sample Statistic

A numerical measure that describes some characteristic of a sample of data.

Special Causes

Unusual or non-random factors that cause variation in a process, distinguished from common causes that are inherent to the process.

Quantitative Sample Statistic

A numerical measurement that describes an attribute of a sample of a population.

Statistical Quality Control

A method of using statistical methods to monitor and control a process to ensure that it operates at its full potential to produce conforming product.