Examlex
A batch of 50 parts contains 6 defects.If two parts are drawn randomly,one at a time with replacement,what is the probability that both parts are defective?
Relative Change
The measure of change in a variable relative to its initial value, often expressed as a percentage.
Inelastic
Describes a situation where the quantity demanded or supplied of a good or service changes by a relatively small amount in response to changes in its price.
Quantity Demanded
The amount of a product or service consumers are willing and able to buy at a given price over a specified period of time.
Unit Elasticity
Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.
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