The Head Librarian at the Library of Congress Has Asked

question 133

Multiple Choice

The head librarian at the Library of Congress has asked her assistant for an interval estimate of the mean number of books checked out each day.The assistant provides the following interval estimate: from 740 to 920 books per day.What is an efficient,unbiased point estimate of the number of books checked out each day at the Library of Congress?

• A)740
• B)830
• C)920
• D)1,660

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Definitions:

Marginal Utility

The additional satisfaction or utility gained by consuming one more unit of a good or service.

Income Effect

The change in an individual's consumption resulting from a change in their real income, due to price changes or other factors.

Law of Demand

indicates the inverse relationship between the price of a good or service and the quantity demanded, with demand typically decreasing as prices increase, all else being constant.

Total Utility

The overall satisfaction or happiness received from consuming a certain amount of goods or services.