Use the Following to Answer Question

question 145

Multiple Choice

Use the following to answer question:
-(Table: Utility from Candy Bars and Sodas) Use Table: Utility from Candy Bars and Sodas.Stan's daily income is $11,the price of a candy bar is $2,and the price of a soda is $1.Given this budget constraint,Stan will receive the MOST utils from consuming _____ candy bar(s) and _____ sodas.

• A)3;5
• B)1;4
• C)5;6
• D)2;7

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Definitions:

Binomial Random Variable

A type of random variable that takes on a fixed number of trials, each with two possible outcomes.

Normal Curve

A symmetrical bell-shaped curve that describes the distribution of many types of data where most occurrences take place around the mean.

Continuity Correction

An adjustment made when approximating a discrete distribution with a continuous one, often applied in binomial and poisson distributions.

Binomial Distribution

A probability distribution that describes the number of successes in a fixed number of independent experiments, each with the same probability of success.