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population. In order to use statistics about the population, the sample must be random.
A random sample is one in which every member of a population has an equal chance of
being selected. A statistic is a characteristic of a sample.
The population parameter can be defined as a quantity or statistical measure which, for any provided
population, is every time fixed and which is used as the value of a variable in any of the general
distribution or frequency function in order to make a descriptive of the given population. A parameter is
a characteristic of a population.
(A)
Random Variables
A random variable, usually written X, is a variable whose possible values are numerical outcomes of a
random sample phenomenon. A sample is a smaller group of members of a population selected to
represent the population. In order to use statistics about the population, the sample must be random
variable. A random sample variable is one in which every member of a population has an equal chance of
being selected. A statistic is a characteristic of a sample.
Population Parameter
The population parameter can be defined as a quantity or statistical measure which, for any provided
population, is every time fixed and which is used as the value of a variable in any of the general
distribution or frequency function in order to make a descriptive of the given population. A parameter is a
characteristic of a population.
Given that
Income I is not dependent on price P. Then, differentiating above equation in regard price is
This is a measure of the percentage change in the quantity demanded caused by a percentage change
in price. Because the demand function is an inverse relationship between price and quantity the
coefficient of price elasticity will always be negative.
(C)
Given that
We know that,
The relationship between two goods or services. More specifically, it captures the responsiveness of the
quantity demanded of one good to a change in price of another good.
Where,
Change in quantity A demand (%QA)) = Percent change in quantity (Q) of product A computed as [(Q A(i)
QA(i-1)) / (QA(i-1) + QA(i)) / 2]
Change in price of B (%PB) = Percent change in price (P) of product B computed as [(P B(i) PB(i-1)) /
(PB(i-1) + PB(i)) / 2]
= 0.55*5/3
= 0.917