It Is Known That the Population Variance Equals 529

question 34

Multiple Choice

It is known that the population variance equals 529. With a .95 probability, the sample size that needs to be taken if the desired margin of error is 4 or less is

• A) 508.
• B) 127.
• C) 509.
• D) 128.

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Definitions:

Cross Elasticity

An indicator of the sensitivity in demand for a certain product in response to price fluctuations of a different product.

Percentage Change

A mathematical calculation that shows how much a number has increased or decreased compared to its previous value, expressed as a percentage.

Complementary Goods

Goods and services that are used together; when the price of one falls, the demand for the other rises (and conversely).

Inelastic

A term describing demand when it changes by a smaller percentage than changes in price.