If a University Decreases the Price of Tickets to Football

question 146

Multiple Choice

If a university decreases the price of tickets to football games in order to collect more revenue, it is assuming that the demand for tickets is:

• A) unstable.
• B) price inelastic.
• C) price elastic.
• D) unit price elastic.

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Definitions:

Standard Normal Random Variable

A random variable with a mean of 0 and a standard deviation of 1 under the normal distribution.

Probability

Refers to the degree of certainty associated with the occurrence of a specific outcome in a random event.

z

Often symbolizes the standard score in statistics, indicating how many standard deviations an element is from the mean.

Uniformly Distributed

A description of a distribution where all outcomes are equally likely, the probability distribution is constant.