Examlex
What kinds of questions can you answer using tests of significance for measures of association?
Income Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.
Demand Inelastic
When the quantity demanded of a good or service is relatively unchanged in response to price changes.
Directly Related
A situation where two variables move in the same direction, meaning if one increases, the other also increases and vice versa.
Price Inelastic
Describes a situation where the demand for a good is not significantly affected by changes in its price.
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