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Jill Borts Believes That the Price Elasticity of Demand for Her

question 183

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Jill Borts believes that the price elasticity of demand for her economics textbook is relatively inelastic. She argues "I was told I had to purchase a book written by Hubbard and O'Brien that is required by my instructor. If I wanted to buy a mystery novel I would have many authors to choose from. Therefore, the demand for mystery novels is more elastic than the demand for my textbook." Is Jill correct?

Understand the concept of confidence intervals and their interpretation.
Grasp the concept of hypothesis testing, including understanding p-values and significance levels.
Apply statistical methods to compare two proportions.
Determine the appropriate sample size for constructing confidence intervals with specified margins of error.

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