What Is the Concept of Elasticity Used for

question 45

Multiple Choice

What is the concept of elasticity used for

• A)to analyze how much the economy can produce
• B)to determine the level of government intervention in the economy
• C)to analyze supply and demand with changes in market condition
• D)to calculate consumer credit purchases

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Definitions:

Independent Variable

The variable in an experiment or study that is manipulated or changed by the researcher to observe its effect on the dependent variable.

Dependent Variable

The variable in an experiment or study that is expected to change as a result of manipulations of the independent variable.

Coefficient of Determination

A measure used in statistical models that defines the proportion of the variance in the dependent variable that is predictable from the independent variable(s).

Coefficient of Correlation

A statistical measure that calculates the strength and direction of the relationship between two variables or data sets.