If a Good Is Income Elastic, It Follows That the Percentage

question 196

Multiple Choice

If a good is income elastic, it follows that the percentage change in quantity demanded of a good

• A)is less than the percentage change in income.
• B)is greater than the percentage change in income.
• C)is equal to the percentage change in income.
• D)is greater than the percentage change in the price of another good.
• E)none of the above

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.

Interquartile Range

The difference between the third quartile (75th percentile) and the first quartile (25th percentile), a measure of variability that indicates the spread of the middle 50% of a dataset.

Coefficient Of Variation

A standardized measure of dispersion of a probability distribution or frequency distribution, calculated as the ratio of the standard deviation to the mean, expressed as a percentage.

Range

The difference between the highest and lowest values in a dataset.