TABLE 2-4 Every Spring Semester, the School of Business Coordinates with Local

question 59

Multiple Choice

TABLE 2-4
Every spring semester, the School of Business coordinates with local business leaders a luncheon for graduating seniors, their families, and friends. Corporate sponsorship pays for the lunches of each of the seniors, but students have to purchase tickets to cover the cost of lunches served to guests they bring with them. The following histogram represents the attendance at the senior luncheon, where X is the number of guests each graduating senior invited to the luncheon and f is the number of graduating seniors in each category.

-Referring to the histogram from Table 2-4, how many graduating seniors attended the luncheon?

• A) 4
• B) 152
• C) 275
• D) 388

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Definitions:

Perfect Substitutes

Two or more goods that can be used in place of one another with no loss of utility for the consumer, resulting in constant marginal rates of substitution.

Perfect Substitutes

Goods or services that can be used in exactly the same way and are interchangeable by consumers.

Coupons

Vouchers or codes offering a discount on the purchase price of goods or services.

Utility Function

A mathematical representation of how a set of choices maps to utility levels, indicating preferences over different bundles of goods or outcomes.