16. Suppose we see price increase in basketball games’ ticket prices from 75𝑡𝑜85, however this causes quantity to decrea
Posted: Wed Jul 06, 2022 5:55 am
16. Suppose we see price increase in basketball games’ticket prices from 75𝑡𝑜85, however this causes quantity to decreasefrom 1700 tickets sold to 1500 tickets sold
A. The price elasticity of demand is 1.133
B. The income elasticity of demand is 0.882
C. The price elasticity of supply is 1.133
D. The price elasticity of supply is is 0.882
E. The price elasticity of demand is is 0.882
17. Referring to question 16, we conclude thatbasketball tickets are
A. Inelastic
B. Elastic
C. unit elastic
D. cannot be determined.
E. perfectly inelastic
18. Consider the following table. Which of the followinginterpretation is correct regarding t-statistics?
A. It is statistically insignificant.
B. It is statistically significant at 90%, but not at 95% and99%.
C. It is statistically significant at 90%, 95% but not at99%.
D. It is always statistically significant.
E. It is statistically insignificant at 90% only.
19. Refer to table in question 18. Which of thefollowing statements is true?
A. Relative payroll is negatively correlated with winningpercentage but doesn’t explain the model much.
B. Relative payroll is positively correlated with winningpercentage and explains the model well.
C. Relative payroll is negatively correlated with winningpercentage and explains the model well.
D. Relative payroll is not correlated with winning percentagebut doesn’t explain the model much.
E. Relative payroll is positively correlated with winningpercentage but doesn’t explain the model much.
20. When analyzing factors that influence winningpercentage, the best factor(s) are:
A. Market size
B. Points scored
C. Points allowed
D. Points scored and points allowed
E. Whether there is a star player or not.
A. The price elasticity of demand is 1.133
B. The income elasticity of demand is 0.882
C. The price elasticity of supply is 1.133
D. The price elasticity of supply is is 0.882
E. The price elasticity of demand is is 0.882
17. Referring to question 16, we conclude thatbasketball tickets are
A. Inelastic
B. Elastic
C. unit elastic
D. cannot be determined.
E. perfectly inelastic
18. Consider the following table. Which of the followinginterpretation is correct regarding t-statistics?
A. It is statistically insignificant.
B. It is statistically significant at 90%, but not at 95% and99%.
C. It is statistically significant at 90%, 95% but not at99%.
D. It is always statistically significant.
E. It is statistically insignificant at 90% only.
19. Refer to table in question 18. Which of thefollowing statements is true?
A. Relative payroll is negatively correlated with winningpercentage but doesn’t explain the model much.
B. Relative payroll is positively correlated with winningpercentage and explains the model well.
C. Relative payroll is negatively correlated with winningpercentage and explains the model well.
D. Relative payroll is not correlated with winning percentagebut doesn’t explain the model much.
E. Relative payroll is positively correlated with winningpercentage but doesn’t explain the model much.
20. When analyzing factors that influence winningpercentage, the best factor(s) are:
A. Market size
B. Points scored
C. Points allowed
D. Points scored and points allowed
E. Whether there is a star player or not.