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You have figured out that, for your research, you need 20 classes of Biology 101 students to complete your questionnaire. You estimate that the average student will complete the questionnaire in 30 minutes. a. How much time should you allot overall for data collection? b. What factors should you take into account when estimating how much time data collection will require?
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If elasticity is -2, price is $10, and marginal cost is $8, should you raise or lower price?
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