Suppose You Are Considering Volunteering Some of Your Time at the Student

question 115

Essay

Suppose you are considering volunteering some of your time at the student government car wash fundraiser.You compute your utility schedule as follows: $$\begin{array} { | c | c | } \hline \text { Hour \# } & \text { TU } \\\hline 0 & 0 \\\hline 1 & 40 \\\hline 2 & 70 \\\hline 3 & 94 \\\hline 4 & 100 \\\hline 5 & 94 \\\hline\end{array}$$ Now suppose you discover the person you've been dying to go out with is going to work for five hours at the car wash.
(a)How will this change your utility schedule?
(b)How will this change your decision to volunteer?
(c)How do your answers to (a)and (b)relate to the law of supply? Explain.

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Definitions:

Independent Samples

Samples that are collected in such a way that the sample values of one group do not affect or influence the sample values of another group.

Matched Pairs

A study design where subjects are paired based on certain characteristics, and each pair differs by the factor being tested.

Test Statistic

A value calculated from sample data used to evaluate the validity of a hypothesis in statistical tests.

Degrees of Freedom

Refers to the count of values in the final calculation of a statistic that are free to vary.