If 20 Out of 50 Students Sampled Live in a College

question 13

Multiple Choice

If 20 out of 50 students sampled live in a college dormitory, what is the estimated proportion of
Students at the University living in a dormitory?

• A) 0.20
• B) 0.40
• C) 0.50
• D) 0.60

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Definitions:

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.

Price Paid

The actual amount of money exchanged for acquiring a good or service.