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If a Pizza Hut Raises the Price of a Slice

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If a Pizza Hut raises the price of a slice of pizza from $3.00 to $3.25,the quantity demanded decreases from 1,500 slices per week to 1,300 slices per week.The demand for slices of pizza is ________ and the total revenue received by this Pizza Hut ________.


Definitions:

Set Of Comparisons

A general term that could describe various statistical or evaluative processes aimed at comparing different sets of data or outcomes.

Familywise Error

The probability of making one or more Type I errors across multiple hypothesis tests.

Tukey Test

A statistical test used to compare the means of three or more groups to find out which ones significantly differ from each other.

Familywise Error

The probability of making one or more false discoveries, or type I errors, among all hypotheses when performing multiple comparisons.

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