Which of the Following Is Not Considered a Determinant of the Elasticity

question 69

Multiple Choice

Which of the following is not considered a determinant of the elasticity of demand?

• A)availability of substitutes
• B)price range
• C)income level
• D)reinforcer quantity

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Definitions:

Least Squares Regression

A statistical method used to determine the line of best fit by minimizing the sum of squares of the residuals.

Residual

The difference between an observed value and the predicted value in a statistical model.

Observed Value

The actual value measured or recorded during an experiment or observation.

Residual Plot

Graphical representation of the residuals that can be used to determine whether the assumptions made about the regression model appear to be valid.