The Demand for Tickets to a Rock Concert Is Given

question 39

Multiple Choice

The demand for tickets to a rock concert is given by D(p) = 200,000 - 10,000p, where p is the price of tickets.If the price of tickets is $17, then the price elasticity of demand for tickets is

• A)-11.33.
• B)-8.50.
• C)-17.
• D)-2.83.
• E)-5.67.

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Definitions:

Spurious Relationships

An apparent but false relationship between two variables that is actually caused by a third variable.

Selection Bias

A distortion in the analysis resulting from the method of collection of data, where the sample is not representative of the population being studied.

Experimental Groups

Groups in an experiment that receive the treatment or intervention being tested.

External Validity

The extent to which the results of a study can be generalized to other situations and to other people.