Answer:
A) if I flip the coin many, many times, the proportion of heads will be approximately 1/2, and this proportion will tend to
get closer and closer to 1/2 as the number of tosses increases.
Explanation:
Probability is described as the likelihood of an event happening. It is expressed in numerical fractions between zero and one. Zero means near certainty that the event will not occur while one is a guarantee that the event is happening.
A probability of 1/2 signifies a 50 percent chance. In a coin toss, 1/2 probability means the coins have 50 chance of landing on either tail or head. A coin has only two sides. Each ill toss presents a head or tail. The more tosses one makes, the proposition of heads to tail get closer 1/2. Very many tosses will give show 1/2 to either tails or head.
Demand is said to be<u> Elastic</u> when the quantity demanded is very responsive to changes in price.
<h3>What is Elasticity of Demand?</h3>
Demand responsiveness to changes in other market variables is measured by demand elasticity. The price elasticity of demand, for instance, indicates how much demand will change in response to a change in a product's price.
Both elastic and inelastic demand exists. Demand that is elastic is more responsive to changes in the variables being measured against. Products that are inelastic are less sensitive to the changes being measured.
The slope of the demand curve and price elasticity of demand is directly correlated. The law of demand, which states that consumers will demand a greater quantity of goods at lower prices and a lesser quantity of goods at higher prices, was most likely covered in your very first economics course. The downward sloping of demand curves is explained by the law of demand.
Thus the Law of demand directs the elasticity of demand.
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