A Survey of 800 College Seniors Resulted in the Following

question 46

Multiple Choice

A survey of 800 college seniors resulted in the following crosstabulation regarding their undergraduate major and whether or not they plan to go to graduate school. $$\begin{array}{l}\text { Undergraduate Major }\\\begin{array} { l l l l l } \text { Graduate School } & \text { Business } & \text { Engineering } & \text { Others } & \text { Total } \\\text { Yes } & 70 & 84 & 126 & 280 \\\text { No } & 182 & 208 & 130 & 520 \\\text { Total } & 252 & 292 & 256 & 800\end{array}\end{array}$$ Of those students who are planning on going to graduate school, what percentage are majoring in engineering?

• A) 10.5
• B) 28.8
• C) 30.0
• D) 40.4

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Definitions:

Marginal Expenditure

The additional cost incurred from purchasing one more unit of a good or service.

Average Expenditure

Average expenditure is the amount of money spent per unit of goods or services purchased, calculated by dividing total expenditure by the total number of units bought.

Competitive Quantity

is the quantity of goods produced or services offered based on the equilibrium in a competitive market.

Wage Rate

The fixed amount of compensation or payment received by an employee from an employer in exchange for work performed.