Price Elasticity of Supply

question 103

Multiple Choice

Price elasticity of supply:

• A)is the size of the percentage change in the quantity supplied of a good or service when its price changes by one percent.
• B)measures producers' responsiveness to a change in price.
• C)is typically a positive number.
• D)All of these are true.

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Definitions:

Discrete Random Variable

A variable that can take on a finite or countably infinite set of values, each with a specific probability.

Discrete Random Variable

A variable that takes on countable values, each with a certain probability.

E(x)

The expected value of a random variable x, representing the mean or average outcome.

Variance

A measure of how much values in a dataset differ from the mean of the dataset, indicating the spread of data points.