When the Price of Pistachio Nuts Is $7

question 83

Multiple Choice

When the price of pistachio nuts is $7.50 per lb.the quantity demanded is 48 lbs.When the price of pistachio nuts is $9.00 per lb.the quantity demanded is 40 lbs.When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is

• A)relatively, but not perfectly, elastic.
• B)unit elastic.
• C)completely inelastic.
• D)relatively, but not perfectly, inelastic.

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Definitions:

Level of Risk

A measure or assessment of the potential for harm or adverse outcomes resulting from a process, action, or event.

Null Hypothesis

The theory asserting that the observed differences between certain groups are not substantial but rather can be attributed to errors in sampling or experimentation.

Obtained Value

The actual value or result found from a statistical test or experiment.

Critical Value

A point on the scale of the test statistic beyond which the null hypothesis is rejected.