In Trying to Estimate the Variability in the Population in Order

question 7

Multiple Choice

In trying to estimate the variability in the population in order to determine pq, which of the following represents viable alternatives?

• A) use a random number generator to provide two random values for p and q
• B) use the most conservative approach, p = 10, q = 90
• C) use 90/10 OR find a former study and calculate the variance OR conduct a pilot study
• D) use 1/5 OR find a former study and calculate the variance OR conduct a pilot study
• E) use 50/50 OR find a former study and calculate the variance OR conduct a pilot study

---

Definitions:

Price Elastic

describes the responsiveness of the quantity demanded of a good to a change in its price.

Industry Supply

The total quantity of a product or service that is available for purchase in a specific industry at a given price and time.

Transport Cost

Expenses associated with the movement of goods or people from one location to another.

Land Rent

Payment made for the use of land, typically in agriculture, business, or as part of real estate transactions.