Briefly Explain in a Sentence or Two How You Could

question 11

Essay

Briefly explain in a sentence or two how you could tell
a.whether a good is a normal good or an inferior good.
b.whether a good is a luxury or a necessity.
c.whether two goods are complements or substitutes.

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Definitions:

Random Variable

A variable whose values depend on outcomes of a random phenomenon, with each outcome having a certain probability.

Confidence Interval

A breadth of values, derived from sample observations, with a high chance of containing an unknown population parameter's value.

Level Of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true, often denoted by alpha.

Null Hypothesis

A statistical hypothesis that suggests there is no significant effect or difference between certain data sets or variables.