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A coach uses a new technique in training middle distance runners. The times, in seconds, for 8
different athletes to run 800 meters before and after this training are shown below. Does the conclusion that the technique is effective appear to be supported with statistical
significance? Does the conclusion that the technique is effective appear to have practical
significance?
Diminishing Marginal Utility
The principle that as more of a good or service is consumed, the additional satisfaction or utility gained from consuming an additional unit declines.
Total Utility
The total satisfaction or benefit received by consuming a given total quantity of a good or service.
Utils
A theoretical unit of measurement used in economics to represent satisfaction or utility obtained by consuming goods and services.
Income Effect
Changes in economic or personal income and the resulting impact on how much of a product or service is sought after.
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