Use the Following Information to Answer the Question

question 13

Multiple Choice

Use the following information to answer the question. The mean age of lead actresses from the top ten grossing movies of 2010 was 29.6 years with a standard deviation of 6.35 years. Assume the distribution of the actresses' ages is approximately unimodal and symmetric.
-Between what two values would you expect to find about 95% of the lead actresses ages?

• A)10.55 and 48.65 years
• B)23.25 and 35.95 years
• C)16.9 and 42.3 years
• D)None of these

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Definitions:

Price Inelastic

Describes a situation where the quantity demanded or supplied of a good or service changes by a smaller percentage than the percentage change in price.

Cross Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good.

Substitute Goods

Products or services that can be used in place of each other. When the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises.

Cross Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between them.