Answer the Question. -Choosing 10 Marbles from a Box of 40 Marbles (20

question 19

Multiple Choice

Answer the question.
-Choosing 10 marbles from a box of 40 marbles (20 purple, 12 red, and 8 green) one at a time with replacement, keeping track of the colors of the marbles chosen.

• A)Procedure results in a binomial distribution.
• B)Not binomial: there are more than two outcomes for each trial.
• C)Not binomial: the trials are not independent.
• D)Not binomial: there are too many trials.

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Definitions:

Marginal Utility

The additional pleasure a consumer experiences from acquiring another unit of a product or service.

Marginal Utility Per Dollar

The additional utility gained from spending one more dollar on a good or service.

Diminishing Marginal Utility

The principle stating that as a person consumes more of a good or service, the satisfaction gained from each additional unit decreases.

Utility Maximizer

An economic concept referring to consumers who select goods or services in a way that maximizes their total satisfaction or utility.