You Want to Test Whether or Not the Following Sample

question 20

Multiple Choice

You want to test whether or not the following sample of 30 observations follows a normal distribution.The mean of the sample equals 11.83 and the standard deviation equals 4.53. $$\begin{array} { l l l l l l l l l l } 2 & 3 & 5 & 5 & 7 & 8 & 8 & 9 & 9 & 10 \\11 & 11 & 12 & 12 & 12 & 12 & 13 & 13 & 13 & 14 \\15 & 15 & 15 & 16 & 16 & 17 & 17 & 18 & 18 & 19\end{array}$$ The calculated value for the test statistic equals

• A) 0.
• B) 1.67.
• C) 2.
• D) 6.

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Definitions:

Income-Consumption Curve

A graph that shows how a consumer's optimal bundle of goods changes as their income changes, all else being constant.

Marginal Utility

The change in satisfaction or utility gained from consuming an additional unit of a good or service.

Utility Maximizing

The process by which individuals select the mix of goods and services that maximizes their satisfaction or utility, given their budget constraint.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, showing a significant change in quantity demanded when prices fluctuate.