Using the Information Gathered for Real Estate Prices in Regina

question 132

Multiple Choice

Using the information gathered for real estate prices in Regina and surrounding areas in the early
2000's, determine the median of the selling prices at that time.

• A) $188,330
• B) $200,000
• C) $125,000
• D) $175,000
• E) $195,600

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Definitions:

Behavioral Economics

A field of economics that examines how psychological, cognitive, emotional, cultural, and social factors affect economic decisions.

Utility

A measure of satisfaction or happiness that a consumer derives from consuming goods or services.

Disutility

The negative utility or dissatisfaction experienced by consumers from consuming a good or engaging in an activity.

Marginal Disutility

The added dissatisfaction a consumer experiences from consuming an additional unit of a product or service.