If the Distribution Is Asymmetric and the Variable Is Measured

question 3

Multiple Choice

If the distribution is asymmetric and the variable is measured on a nominal scale,the ________ should be used as a measure of location.

• A) mean
• B) mode
• C) median
• D) maxima
• E) trend

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Definitions:

Normal Goods

Goods for which demand increases as the income of individuals increases, and vice versa.

Income Elasticity of Demand

An indicator of the responsiveness of the demand for a product to variations in consumer income.

Cross-Price Elasticity of Demand

A measure of how much the quantity demanded of one good responds to a change in the price of another good.

Quantity Purchased

The total amount of a good or service bought by consumers at a specific price level.