Refer to the Figure Below

question 4

Multiple Choice

Refer to the figure below. What is the price elasticity of supply at point B and point C?

• A)1/2; 3/4
• B)3/4; 1/2
• C)3; 2
• D)1; 1

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Definitions:

Expected Frequency

In statistics, the frequency expected in a category of a contingency table under the assumption that the null hypothesis is true.

Chi-Square

A statistical test that measures the difference between observed and expected frequencies in categorical data.

Row Variable

In the context of a data table or matrix, it refers to the variable represented by the rows, often used in cross-tabulation to compare against another variable.

Column Variable

A variable represented by a column in a dataset, where each entry in the column represents a value of the variable.