If Price Elasticity Is 3.25, Then Demand Is

question 14

Multiple Choice

If price elasticity is 3.25, then demand is

• A)inelastic.
• B)elastic.
• C)unitary.
• D)negative.

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Definitions:

Normally Distributed Population

A population in which the data follows a normal distribution, having a bell-shaped frequency distribution curve.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.

T Critical Value

The value from the t-distribution that is associated with a specified level of significance for a two-tailed test.

Confidence Levels

Confidence levels are the degree of certainty or probability—expressed as a percentage—that a confidence interval contains the true parameter value.