Question
Holly, Brian, Fred, Tracy, and Melanie have
income elasticities for veggie burgers as given below: Person Income elasticity of demand Tracy 2 Brian 1 Fred -0.75 Holly 0.1 Melanie -1.5 Who would respond the least in their purchase of veggie burgers in response to an increase in income?Solution
Holly's demand is the most inelastic, so she would respond the least. It is the magnitude of the elasticity that matters for how much demand changes, not the sign of the elasticity.
Two random variables x and y have the following regression equations -
3x + 2y – 26 = 0
6x + y – 31 = 0
then, the mean values o...
Which of the following statement is not true?
A systematic sample does not yield good result, if -
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For the given 6 values 15, 24, 18, 33, 42, 54, the three yearly moving averages are -
Laspeyre's formula has ___________ bias and Paasche's formula has _________ bias.
The variance of first n natural numbers is -
Which of the following statement is not true?
As per the Agricultural Census 2015-16, total number of operational land holdings in Rajasthan was -
Residual method is used to measure -