Use the Following Information to Answer the Questions

question 59

Multiple Choice

Use the following information to answer the Questions:
Below is a list of the number of dogs owned by families in a particular neighborhood.
0, 0, 2, 1, 0, 1, 0, 4, 0, 1
-What is the standard deviation for these data?

• A) 0.91
• B) 1.11
• C) 1.22
• D) 1.29

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Definitions:

Price Elasticity

A gauge of the degree to which the amount of a good sought or offered adjusts when there's a change in its price.

Demand

The consumers' willingness and ability to purchase a product or service at a given price.

Cross Price Elasticity

A measure of the responsiveness of the quantity demanded for one good to a change in the price of another good, indicating the degree of substitutability or complementarity between them.

Midpoint Method

The midpoint method is a technique used in economics to measure the elasticity of demand or supply, minimizing the bias in the response to price changes by using the average percentages of change in both quantity and price.