When the Data Being Studied Are Gathered from a Private

question 9

Multiple Choice

When the data being studied are gathered from a private source,this is referred to as a(n) _______________.

• A)Existing data source
• B)Observational data source
• C)Experimental data source
• D)Cross-sectional data source

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Definitions:

Coefficient

A numerical or constant factor in an equation that multiplies the variable, indicating the degree or level of some effect.

Price Elasticity of Supply

The measure of how the quantity supplied of a good changes in response to a change in its price.

Midpoint Formula

A method used in economics to calculate the elasticity of a variable, often used to estimate the price elasticity of demand by averaging the start and end points of a demand curve.

Elastic

A characteristic of a product or service demand that indicates a sensitivity to price changes, where a small change in price leads to a significant change in quantity demanded or supplied.