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SCENARIO 2-11
The ordered array below resulted from selecting a sample of 25 batches of 500 computer chips and determining how many in each batch were defective.
Defects
1 2 4 4 5 5 6 7 9 9 12 12 15
17 20 21 23 23 25 26 27 27 28 29 29
-Referring to Scenario 2-11,construct a histogram for the defects data,using "0 but less than 5" as the first class.
Private Consumptions
Expenditure by households and individuals on goods and services for personal use, excluding purchases by businesses or government.
Pareto Optimal
A resource distribution paradigm where it's unattainable to ameliorate the situation of one individual without diminishing that of another.
Utility Functions
Representations of an individual's preference ordering over a set of goods or outcomes, quantifying the satisfaction obtained from each.
Private Goods Consumption
The act of consuming goods that are excludable and rivalrous in nature, implying that one individual's consumption of the good prevents others from consuming the same unit of the good.
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