In a Survey of 370 Households Regarding the Ownership of VCRs

question 62

Short Answer

In a survey of 370 households regarding the ownership of VCRs and DVD players, the following data was obtained:
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340 households own one or more VCRs.
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170 households own one or more VCRs and one or more DVD players.
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18 households do not own a VCR or a DVD player.
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How many households only own one or more DVD players?
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__________ households

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Definitions:

Money Income

The total earnings received by an individual or household in the form of wages, salaries, benefits, and other monetary sources before any deductions.

Prices

The amount of money required to purchase a good or service, determined by factors like supply, demand, and market competition.

Marginal Rate

The rate at which a quantity increases or decreases as a result of a unit change in another variable, often used in the context of taxation or utility.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.