The Monthly Incomes of a Small Sample of Computer Operators

question 32

Multiple Choice

The monthly incomes of a small sample of computer operators are $1,950, $1,775, $2,060, $1,840, $1,795, $1,890, $1,925 and $1,810. What are these ungrouped numbers called?

• A) Histogram
• B) Class limits
• C) Class frequencies
• D) Raw data

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Definitions:

Relatively Inelastic

Relatively inelastic refers to a situation where the demand for a good or service changes little when its price changes; the percentage change in demand is smaller than the percentage change in price.

Perfectly Elastic

This term describes a situation in market economics where the quantity demanded or supplied responds infinitely to changes in price.

Relatively Elastic

Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.

Unit Elastic

A demand or supply situation where a percentage change in price leads to an equal percentage change in the quantity demanded or supplied.