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Ernest's income elasticity of demand for natural gas is 0.4.His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas.What is his substitution price elasticity?
Anecdotal Evidence
Information derived from personal accounts, stories, or testimonials rather than from systematic scientific evaluations, often subject to bias.
Experimenter Bias
A process where the scientists performing the research influence the results, either intentionally or unintentionally, to achieve a certain outcome.
Double-Blind
An experimental procedure in which neither the participants nor the experimenters know who is receiving a particular treatment, to prevent bias.
Self-Report Methods
Refers to techniques where individuals provide data about themselves, often through questionnaires or interviews.
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