The Term "Unit Elasticity" Is Used to Describe a Situation

question 38

Multiple Choice

The term "unit elasticity" is used to describe a situation in which a rise in price is accompanied by

• A)a fall in total expenditure.
• B)a rise in total expenditure.
• C)constant total expenditure.
• D)a unit decrease in total expenditure.

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Definitions:

F-ratio Equation

Used in ANOVA tests, it calculates the ratio of variation between group means to the variation within the groups.

Correlation

Mutual or reciprocal relationship between two variables such that systematic changes in the values of one variable are accompanied by systematic changes in the values of another variable.

Regression

Use of a relationship between two or more correlated variables to predict values of one variable from values of other variables.

Measuring

The act of determining the size, quantity, or degree of something using standard units or tools.