Dan Is Currently Consuming 10 Cokes and 5 Slices of Pizza

question 62

Multiple Choice

Dan is currently consuming 10 Cokes and 5 slices of pizza per week such that the marginal utility of the tenth Coke is 12 utils and that of the fifth slice of pizza is also 12 utils. How should Dan redirect his purchases so as to attain consumer equilibrium?

• A)He should buy more pizza slices and less Coke.
• B)He should buy fewer pizza slices and more Coke.
• C)He is currently attaining consumer equilibrium and should not redirect his purchases.
• D)He could gain more satisfaction by buying less of both and more of something else.
• E)There is not enough information to answer the question.

Understand the concept of simple random sampling and its importance in statistical inference.

Calculate the standard error for sample proportions.

Determine minimum required sample sizes to meet specified margin of error criteria.

Perform hypothesis testing on population proportions.

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Definitions:

Confidence Interval

A breadth of outcomes, sourced from sample-derived statistics, expected to surround the unknown figure of a population characteristic.

Population Mean

The average value of all individuals or items in a defined population.

Confidence Coefficient

The probability level associated with a confidence interval, indicating the frequency with which an estimated interval would include the parameter if the experiment were repeated.

T Value

A value computed from a sample data used in a t-test in statistics that measures the size of the difference relative to the variation in your sample data.