The Items or Individuals of the Population Are Arranged in a File

question 88

True/False

The items or individuals of the population are arranged in a file drawer alphabetically by date received.A random starting point is selected and then every k^th member of the population is selected for the sample.This sampling method is called simple random sampling.

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Definitions:

MU y/ Pᵧ

The ratio of the marginal utility of good Y (MUy) to its price (Pᵧ), indicating the additional satisfaction per unit of currency spent.

Maximize Utility

The economic objective of consumers to achieve the highest level of satisfaction possible from their consumption decisions, given their income and the prices of goods and services.

Marginal Utility

The additional satisfaction or benefit that a consumer derives from consuming an additional unit of a good or service.

Equilibrium

A state where supply and demand balance, and as a result, prices become stable.