The Cross Elasticity of Demand Between Digital Cameras and Memory

question 123

Multiple Choice

The cross elasticity of demand between digital cameras and memory cards is likely to be

• A)zero.
• B)a negative number.
• C)a positive number greater than 1.
• D)a positive number between zero and 1.

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Definitions:

Unknown Parameters

Quantities in a statistical model that are not known a priori but are estimated from data.

P-values

The probability of observing a statistic as extreme as, or more extreme than, the statistic observed under the assumption that the null hypothesis is true.

Two-sided

Pertaining to hypothesis tests that consider deviations in both directions away from a specified null hypothesis.

One-sided

A term used in hypothesis testing to describe a test where the alternative hypothesis specifies a direction of the difference or effect.