If the Income Elasticity of Demand for Ramen Noodles Is

question 5

Multiple Choice

If the income elasticity of demand for ramen noodles is 0.25, ramen noodles are a(n) _____ good.

• A) luxury
• B) normal
• C) superior
• D) inferior

---

Definitions:

Sample Observation

An individual data point collected from a sample that is used for analysis and making inferences about the population.

Population Variance

A measure of the dispersion of all data points in a population from the population mean, indicating the diversity within the population.

Confidence Interval

A range of values within which there is a specified probability that the true parameter lies.

Sample Variance

A statistic used to estimate the variance of a population, calculated from a sample of data from that population.