In Problem 1, If Demand in the United States Is

question 4

Multiple Choice

In Problem 1, if demand in the United States is given by Q₁ = 11,200 - 800p₁, where p₁ is the price in the United States, and if the demand in England is given by 1,600 - 200p₂, where p₂ is the price in England, then the difference between the price charged in England and the price charged in the United States will be

• A) $8.
• B) $3.
• C) $6.
• D) $0.
• E) $9.

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Definitions:

Ordinal

Pertaining to data types or variables that represent categories with a meaningful order but no consistent difference between adjacent categories.

Ordinal

Pertaining to a type of data or scale that reflects order or ranking among categories, without indicating magnitude differences.

Categorical

Pertaining to data that can be divided into specific groups or categories that are qualitatively distinct from each other, such as gender or color.

Ordinal

A type of qualitative data that involves order or ranking of the values, but the intervals between the values are not necessarily uniform.