Figure 21-2 The Downward­sloping Line on the Figure Represents a Consumer's Budget

question 202

Multiple Choice

Figure 21-2
The downward­sloping line on the figure represents a consumer's budget constraint.
-Refer to Figure 21-2. Which of the following statements is not correct?

• A) Points W, X, and Y all cost the consumer the same amount of money.
• B) Point Z is unaffordable for the consumer given his budget constraint.
• C) Point V costs less than point Z.
• D) Points W, X, and Y give the consumer the same level of satisfaction.

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Definitions:

Unbiased Estimators

Statistical estimators whose expected value is equal to the parameter being estimated.

Variance

A measure of the dispersion indicating how much the values in a data set differ from the mean.

Relatively Efficient

Describes a statistical estimator or procedure that has lower variance or better performance compared to others under certain conditions.

Point Estimate

A single value given as an estimate of a population parameter, often derived from sample data.