Exhibit 8-6

question 29

Multiple Choice

Exhibit 8-6.A sample of 1400 American households was asked if they planned to buy a new car next year.Of the respondents,34% indicated they planned to buy a new car next year. Refer to Exhibit 8-6.Construct a 98% confidence interval of the proportion of American households who expect to buy a new car next year.

• A)[0.3074,0.3726]
• B)[0.3105,0.3695]
• C)[0.3140,0.3660]
• D)[0.3392,0.3408]

Identify various types of ventures and their social impact, including social purpose ventures and social consequence entrepreneurship.

Compare and contrast social entrepreneurs with traditional entrepreneurs.

Comprehend the importance of social value creation in entrepreneurship.

Understand the concept and types of venture philanthropy funding.

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Definitions:

Demand Curve

A graphical representation in economics that shows the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at varying price levels.

Homothetic Preferences

A consumer preference structure in which utility functions display constant returns to scale, meaning relative consumption patterns do not change as income levels change.

Substitution Effect

The change in consumption patterns due to a change in relative prices of goods, leading individuals to substitute cheaper goods for more expensive ones.

Compensated Demand Function

A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.