stephanie1105
18.09.2019 •
Business
What is statistical risk?
(a) a board game in which you attempt to conquer the world by strategically positioning your armies to destroy your enemies so you can rub it in the face of your brothers or sisters for the rest of the vacation or weekend
(b) the long run probability that you will make a particular kind of mistake
(c) the prbability that a single flip of a coin will come up 'tails'
(d) none of the above
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Ответ:
8.88
Explanation:
Data provided in the question:
Initial income, I₁ = $65,000
Initial novel purchased, D₁ = 10
Final income, I₂ = $68,000
Final novel purchased, D₂ = 15
Now,
Tim's income elasticity of demand for novels will be
=
on substituting the respective values, we get
=
= [5 ÷ 25] ÷ [3,000 ÷ 133,000 ]
= 0.2 ÷ 0.0225
= 8.88