12. Data has been collected which indicates that the price elasticity for demand of the Smike product is +1.1

Which of the following statement about the Smike is accurate ?

A. Demand is inelastic and the Smike is a normal good with a downward sloping demand curve

B. Demand is inelastic and the Smike is a Giffen or Veblen good with a upward sloping demand curve

C. Demand is elastic and the product is a Giffen or Veblen good with a upward sloping demand curve

D. Demand is elastic and the product is a normal good with a downward sloping demand curve

13. Shanay manages the purchase ledger team. She asks Manus to perform some statistical analysis on a data set which shows the values of purchase invoices processed in a year. Manus presents Shanay with

1. the different between each purchase invoices value and the mean of the data set

2. the average of the squares of the differences

What figures has Manus given Shanay?

A. (1) variances and (2) the deviation

B. (1) deviation and (2) the standard deviation

C. (1) variances and (2) the standard deviation

D. (1) deviations and (2) the variance