Application Question 6, page 85
Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall? Illustrate your answer with examples from this chapter.
Application Question 3, page 112
In multiple regression analysis, explain why the typical hypothesis that analysts want to test is whether a particular regression coefficient (B) is equal to zero (H0: B = 0) versus whether that coefficient is not equal to zero.