Jenny Finds That She Has Data Missing on 10-35 Cases

question 36

Essay

Jenny finds that she has data missing on 10-35 cases (out of 2,000 cases)for each variable that she intends to use in her composite measure. What are her options in dealing with the missing data?

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Definitions:

Favorite Bundle

An individual consumer's most preferred combination of goods and services, given their budget and prices.

Indifference Curve

A graph showing different combinations of two goods among which a consumer is indifferent, depicting levels of consumption where the consumer has no preference for one bundle over another.

Absolute Values

Mathematical values expressed without regard to their sign; distances from zero on the real number line.

Favorite Bundle

The combination of goods and services that maximizes a consumer's utility given their budget constraint.