If the Elasticity of Supply of TV Sets Is Equal

question 171

Multiple Choice

If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will

• A) increase the quantity supplied by 3.33 percent.
• B) increase the quantity supplied by 30.0 percent.
• C) increase the quantity supplied by 0.33 percent.
• D) decrease the quantity supplied by 30.0 percent.

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Definitions:

Last Month

A reference to the calendar month immediately preceding the current one.

Times A Day

A frequency measure indicating the number of times an event occurs within a single day.

Inferential Statistics

A branch of statistics that uses a random sample of data taken from a population to describe and make inferences about that population.

Descriptive Statistics

Statistical methods that summarize and describe the features of a data set, including measures of central tendency and variability.