Calculate a Response Rate Using the Following Information

question 8

Essay

Calculate a response rate using the following information. Out of 600 questionnaires assessing alcohol consumption sent out to the junior class at Layetteville High School, 450 were returned; 10 had responses marked only on the front pages (the back pages were omitted); and 10 were returned blank.

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Definitions:

Unimpeded Entry

A situation in a market where there are no obstacles preventing new competitors from entering and competing.

MR = MC Rule

A principle in economics stating that profit maximization occurs when marginal revenue equals marginal cost.

Short Run

A period in economics where at least one input is fixed and cannot be changed.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.