Given the Following Five Categories and the Number of Times

question 3

Essay

Given the following five categories and the number of times each occurs, construct a pie chart and a bar chart. $$\begin{array} { | l | c | c | c | c | c | } \hline \text { Category } & 1 & 2 & 3 & 4 & 5 \\\hline \text { Frequency } & 17 & 29 & 40 & 24 & 20 \\\hline\end{array}$$

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Definitions:

Diminishing Marginal Utility

The principle that as a person consumes more of a good, the satisfaction gained from consuming an additional unit decreases.

Comparative Advantage

The ability to produce a good at a lower opportunity cost than others can produce it. Relative costs determine comparative advantage.

Marginal Utility

The additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.

Consumed

The act of using up a good or service, thus removing it from the market and contributing to economic activity.