Absolute Price Elasticities Are Calculated for Four Commodities, and the Values

question 100

Multiple Choice

Absolute price elasticities are calculated for four commodities, and the values are: 0.009; 1.0; 3.3; and 4.1. Which indicates the most price-responsive situation?

• A) 0.009
• B) 1.0
• C) 3.3
• D) 4.1

---

Definitions:

Confidence Interval

A range of values, derived from sample statistics, that is believed to contain the value of an unknown population parameter at a certain confidence level.

Population Standard Deviation

A measure of the dispersion or variability of a set of data points in a population.

Sample Size

The number of observations or elements selected from a population for the purpose of statistical analysis.

Confidence Interval

A Confidence Interval is a range of values derived from sample statistics that is likely to contain the true population parameter at a given confidence level.