Recall the Application About the Price of Vanity License Plates

question 96

Multiple Choice

Recall the Application about the price of vanity license plates in Virginia to answer the following question(s) .
-Recall the application.Why would a decrease in price for vanity plates reduce the total revenue that the state of Virginia will receive from vanity plates?

• A) The demand for vanity plates in Virginia is inelastic.
• B) The demand for vanity plates in Virginia is elastic.
• C) The demand for vanity plates in Virginia is equal to 1.
• D) There is insufficient information to draw a conclusion.

---

Definitions:

Forecasts Types

Various methodologies and approaches used to predict future events, including quantitative and qualitative techniques.

Smoothing Constant

A factor used in exponential smoothing techniques to weigh the importance of past data.

Computer Models

Digital simulations created using software to represent real-world scenarios or systems for analysis, prediction, and decision-making purposes.

Forecasting Realities

The process of making predictions based on data and recognizing the limitations and uncertainties associated with future events.