Measures of Variability

question 119

Multiple Choice

Measures of variability

• A) present numbers in a pictorial format.
• B) describe a "typical" score in a distribution.
• C) allow one to generalize from small samples.
• D) indicate how scores differ from each other.

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Definitions:

Point Elasticity

A measure of how responsive the quantity demanded or supplied of a good is to a change in its price, calculated at a particular point on the demand or supply curve.

Producer Surplus

The profit producers make over and above the minimum amount they would be willing to accept for selling their goods or services.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.

Equilibrium Price

The cost where the supply of goods meets the demand for those goods.