Examlex
Explain the difference between quantitative and qualitative data.Give an example of each from the field of criminal justice.Can both quantitative and qualitative data be used in each of the four purposes of doing research? Why or why not?
Price Effect
Refers to the impact on consumer demand or the quantity demanded of a good when its price changes, holding other factors constant.
Quantity Effect
The change in total revenue resulting from a change in the quantity of a product sold, holding price constant.
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.
Expenditures on Milk
The total amount of money spent by individuals or entities on purchasing milk within a given period.
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