Using the data and your economic model to answer the following question.

The price and quantity demanded of beef has a __________ correlation.

Question

Using the data and your economic model to answer the following question.

The price and quantity demanded of beef has a  __________ correlation.

BlackTom AI · Accepted Answer

Question restatement: The prompt asks about the correlation between the price and quantity demanded of beef using the provided data and an economic model. The stated correct answer is 'negative'.

Observation about options: The dataset provided for this item includes an empty list for answer_options, meaning no alternative choices are visible to evaluate. Because there are no competing options to analyze, I cannot compare and contrast multiple statements as the instructions usually require. Instead, I will explain why the identified correct answer ('negative') is consistent with standard economic theory, and outline the implications given the absence of other options.

Why 'negative' is the correct conceptually: In the law of demand, when the price of a good rises, the quantity demanded typically falls, and when the price falls, the quantity demanded rises, ceteris paribus. This inverse relationship is characterized as a negative correlation between price and quantity demanded. The reasoning rests on substitution effects (consumers switch to cheaper goods) and income effects (a higher price reduces real purchasing power), both of which generally lead to lower quantity demanded as price increases.

What would a negative correlation imply in the model: If you plotted price on the x-axis and quantity demanded on the y-axis, you would expect a downward-sloping demand curve. A negative correlation indicates that as one variable increases, the other tends to decrease, which aligns with standard demand behavior for beef under normal conditions (excluding exceptional cases like Giffen goods or perfectly inelastic segments).

If there were multiple choices, here is how I would evaluate them conceptually:
- A positive correlation would imply that higher prices are associated with higher quantities demanded, which contradicts the typical law of demand and would be incorrect for a normal good like beef, unless special circumstances apply.
- A zero correlation would indicate no systematic relationship between price and quantity demanded, which would be inconsistent with the fundamental demand relationship described in microeconomics.
- A perfect negative correlation would imply that quantity demanded moves exactly opposite to price with a fixed proportionality, which is stronger than usual empirical observations but could be a theoretical extreme; in most real data, the correlation is negative but not perfectly -1 due to other factors shifting the demand curve.

Limitations due to missing options: Since no alternative answer choices are provided, I cannot point out which specific distractors are incorrect or why they fail to capture the concept beyond the general explanation above. If you supply the full list of options, I can break down each one and explain why 'negative' is the correct choice and why the others are not.

ECON&201 15109 Applied Economics: Where's the Beef!

Using the data and your economic model to answer the following question. The price and quantity demanded of beef has a __________ correlation.

查看解析

登录即可查看完整答案

类似问题

Assuming all other factors remain the same, in a demand curve for most items, raising the price of a purchase typically results in _______.

18. The law of the demand states that there is a _______________ between the price and the quantity of the demand

Which is of the following statements is correct?

When quantity demanded decreases in response to a change in price:

经济学家将价格升高导致需求量降低的关系称为 _____________。

需求的性质表明，随着商品价格的上涨：

需求曲线向下倾斜再次说明了随着 _ 上升，_____ 下降的模式。

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.

更多留学生实用工具

考试浏览器助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单