A Study Is Under Way in Yosemite National Forest to Determine

question 54

Multiple Choice

A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching
Heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American
Pines. The study involves collecting heights from 250 randomly selected adult American pine
Trees and analyzing the results. Identify the population from which the study was sampled.

• A) The 250 randomly selected adult American pine trees.
• B) The 25,000 adult American pine trees in the forest.
• C) All the adult American pine trees taller than 60 feet.
• D) All American pine trees, of any age, in the forest.

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Definitions:

MRS

The Marginal Rate of Substitution is the rate at which a consumer is willing to exchange units of one good for units of another good while maintaining the same level of utility.

Marginal Utility

Marginal utility is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Utility Maximization

A theory in economics that suggests consumers will allocate their resources to maximize their utility or satisfaction given their income and the prices of goods and services.

Consumption Good

A good that is utilized by consumers to satisfy their current wants or needs.