The Probability of Getting a 1 in a Single Toss

question 11

Multiple Choice

The probability of getting a 1 in a single toss of a six sided die would be________.

• A) 2 to 1.
• B) 60 to 1.
• C) 1 in 6.
• D) impossible to estimate with the information given.

Analyze different scenarios to determine the elasticity type and its impact on quantity demanded.

Distinguish between substitutes and complements based on cross-price elasticity of demand values.

Interpret the effects of income changes on the demand for goods using income elasticity.

Evaluate the significance of elasticity in real-life scenarios, such as market strategy and consumer choice.

---

Definitions:

Dependent Variable

A dependent variable is the outcome or response that researchers measure to determine the effect of varying the independent variable.

Correlation Coefficient

A numerical measure that quantifies the degree and direction of relationship between two variables, ranging from -1 to 1.

Independent Variable

The variable that is manipulated or changed in an experiment to test its effects on the dependent variable.

Dependent Variable

The outcome variable in an experiment or study that is expected to change in response to manipulations of the independent variable.