When the Price of a Car Is $25,000,car Sales Are

question 93

Multiple Choice

When the price of a car is $25,000,car sales are 10,000 per month.When the price of a car increases to $29,000,car sales fall to 8,000 per month.Using the initial-value method,the demand for cars is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) It is not possible to say based on the data given.

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Definitions:

Interpersonal

Pertaining to the relationships or interactions between individuals.

Variability

The measure of how much data points in a set differ from the average or mean value.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values around the mean, used to understand how spread out the data points are.

Heritability

The proportion of variation in traits in a population that can be attributed to genetic differences between individuals.