The Following Samples Were Selected by Two Researchers

question 22

Multiple Choice

The following samples were selected by two researchers.Which is associated with a smaller standard error of the mean?
Researcher A: n = 18, = 8, = 2.4
Researcher B: n = 12, = 8, = 2.4

• A)Researcher A
• B)Researcher B
• C)They both have the same standard error.

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Definitions:

Inelastic

Describes a market situation where the demand for a product or service is relatively unchanged by price variations.

Elastic

Describes a situation where the quantity demanded of a product or service significantly changes in response to a change in its price.

Demand Curve

A graph showing how the demand for a commodity or service varies with changes in its price.

Quantity Demanded

The total amount of a product that consumers are willing and able to purchase at a given price over a specified period.