Exhibit 6-6 Marginal Utility for Data for Clothes and Amusement

question 137

Multiple Choice

Exhibit 6-6 Marginal utility for data for clothes and amusement $$\begin{array} { | c | c | c | } \hline \text { Quantity } & \text { Clothes } & \text { Amusement } \\\hline 1 & 15 & 20 \\2 & 13 & 18 \\3 & 10 & 15 \\4 & 8 & 12 \\5 & 6 & 10 \\\hline\end{array}$$
-Refer to Exhibit 6-6. Clothes and amusements are priced at $10 each. The marginal utility per dollar for the first unit of amusement is:

• A) 0.5.
• B) 1.5.
• C) 2.0.
• D) 5.0.
• E) 20.0.

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Definitions:

Iterative Procedure

An iterative procedure is a process that repeats steps to achieve a desired goal or solution, often used in mathematical algorithms and problem-solving.

Regression Model

A statistical technique used to predict the value of a dependent variable based on one or more independent variables.

Odds Ratio

A statistic that quantifies the strength of the association between two events, comparing the odds of an event occurring in one group to the odds of it occurring in another group.

Probability

A mathematical measure of the likelihood that an event will occur, often expressed as a number between 0 and 1.