The Demand for Corn Land Will Be More Elastic

question 8

Multiple Choice

The demand for corn land will be more elastic:

• A)the more inelastic is the demand for corn.
• B)the more elastic is the demand for corn.
• C)if the supply of farm labor is inelastic.
• D)the greater the elasticity of supply.
• E)if corn land is very scarce.

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Definitions:

Correlation Coefficient

A numerical measure ranging from -1 to 1 that represents the degree to which two variables are linearly related.

Covariance

Covariance is a measure indicating the extent to which two random variables change in tandem from their expected values.

Standard Deviation

A statistical measure of the dispersion or variability of a set of data points or investment returns, indicating the degree of risk involved.

Covariance

A metric that quantifies the extent to which two variables change in correspondence with each other.