If the Price of a DVD Decreases by 50 Percent,the

question 2

Multiple Choice

If the price of a DVD decreases by 50 percent,the quantity demanded increases by 75 percent.The price elasticity of demand is:

• A) -1.5 and is inelastic.
• B) -1.5 and is elastic.
• C) -0.67 and is elastic.
• D) -0.67 and is inelastic.

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Definitions:

Randomized Block Design

A statistical experimental design technique that involves grouping similar experimental units into blocks before randomly assigning treatments to the units within each block.

Treatments

Interventions or conditions that researchers apply to experimental units or subjects to measure their effect.

Levels

In the context of experimental design, refers to the different values that an experimental factor can take.

Randomized Block Design

An experimental design that groups subjects into blocks to account for variability among them and then randomly assigns treatments within those blocks.