What Excel Feature Works Backwards to Find the Value of an Input

question 1

Multiple Choice

What Excel feature works backwards to find the value of an input quantity that causes an output quantity to have a particular value?

• A) Goal Seek
• B) Goal Snitch
• C) FIRSTCOME
• D) FIRSTSERVE
• E) PARTVALUE$

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Definitions:

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Demand Curve

A diagram that illustrates the connection between a product's cost and the amount of it consumers want to buy at various prices.

Substitution Effect

The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in the quantity demanded of a good resulting from a change in consumer income, holding prices constant.