If an Increase in the Price of a Product from $100

question 8

Multiple Choice

If an increase in the price of a product from $100 to $200 per unit leads to a decrease in the quantity demanded from 10 to 8 units,then demand is _____

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)zero.
• E)perfectly elastic.

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Definitions:

Median

The middle value in a data set, which separates the higher half from the lower half.

Range

In statistics, range is the difference between the largest and smallest values in a dataset.

Variance

A measure of the dispersion of a set of data points around their mean value, indicating how spread out the data are.

Deviations

Differences between observed values and some reference value, often the mean of the dataset.