When Making Estimates, You Should Round

question 56

Multiple Choice

When making estimates, you should round:

• A) the numbers of the problem before calculations are made
• B) only when using whole numbers
• C) only when using decimals
• D) only the result of the final calculation

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Definitions:

Indifference Curve

A graph representing combinations of goods between which a consumer is indifferent, showing their preferences.

Absolute Values

A mathematical operation that determines the magnitude of a number without regard to its sign, represented as the distance from zero on the number line.

Favorite Bundle

A term in economics, particularly in consumer theory, referring to the combination of goods and services that maximizes a consumer's utility or satisfaction given their budget constraints.

Indifference Curves

A graphical representation of different bundles of goods between which a consumer is indifferent, showing combinations that give the consumer the same level of satisfaction.