If X and Y Are Any Random Variables with E(X)=

question 282

Multiple Choice

If X and Y are any random variables with E(X) = 5,E(Y) = 6,E(XY) = 21,V(X) = 9 and V(Y) = 10,then the relationship between X and Y is a:

• A)strong positive relationship
• B)strong negative relationship
• C)weak positive relationship
• D)weak negative relationship

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Definitions:

Point Price Elasticity

A measure of how the quantity demanded of a good responds to a change in the price of that good, calculated at a specific point on the demand curve.

Quarterly Demand

The total quantity of a good or service that consumers are willing and able to purchase at a given price over the span of three months.

Per Capita Consumption

Measures the average amount of a good or service consumed per person within a population over a specific period.

Consumer Surplus

The discrepancy between the sum consumers intend to pay for a product or service and the sum they really pay.