The Empirical Rule States That the Percentage of Observations in a Data

question 96

Multiple Choice

The Empirical Rule states that the percentage of observations in a data set (providing that the data set has a bell-shaped and symmetric distribution) that fall within one standard deviation of their mean is approximately:

• A)68%
• B)75%
• C)95%
• D)99%

Identify the differences between perfectly inelastic and perfectly elastic demand curves.

Calculate the price elasticity of demand using given data.

Determine the relationship between elasticity and total revenue.

Describe the characteristics of linear demand curves in terms of elasticity.

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