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Solutions for Chapter 11: Statistics for Business and Economics 12th Edition

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Full solutions for Statistics for Business and Economics | 12th Edition

ISBN: 9780321826237

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Solutions for Chapter 11

Solutions for Chapter 11
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Textbook: Statistics for Business and Economics
Edition: 12
Author: James T. McClave, P. George Benson, Terry T Sincich
ISBN: 9780321826237

Statistics for Business and Economics was written by and is associated to the ISBN: 9780321826237. This expansive textbook survival guide covers the following chapters and their solutions. Since 111 problems in chapter 11 have been answered, more than 124757 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12. Chapter 11 includes 111 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • closed economy

    an economy that does not interact with other economies in the world

  • club goods

    goods that are excludable but not rival in consumption

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • gross domestic product (GDP)

    the market value of all final goods and services produced within a country in a given period of time

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • perfect complements

    two goods with right-angle indifference curves

  • real interest rate

    the interest rate corrected for the effects of inflation

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

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