Describe the Characteristics of the Normal Distribution

question 24

Essay

Describe the characteristics of the normal distribution. If we know that a distribution is normal, what does this allow us to do?

Identify the elasticity section of the demand curve (elastic, inelastic, unit elastic).

Understand the effect of government policies on consumption based on price elasticity.

Interpret graphical representations of demand to determine elasticity.

Determine the effects of price changes on quantity demanded.

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