(Figure: Utility Table 0) Using the Information in the Table

question 4

Multiple Choice

(Figure: Utility Table 0) Using the information in the table above, what is the total utility for three units?
$\begin{array}{|l|l|l|}\hline \mathbf{Q} & \mathrm{TU} & \mathrm{MU} \\\hline 0 & 0 & 0 \\\hline 1 & 12 & b \\\hline 2 & 20 & c \\\hline 3 & d & 2 \\\hline 4 & e & 1 \\\hline\end{array}$

• A) 4
• B) 22
• C) 26
• D) 30

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Definitions:

Probability

Refers to the degree of certainty associated with the occurrence of a specific outcome in a random event.

z

Often symbolizes the standard score in statistics, indicating how many standard deviations an element is from the mean.

Uniformly Distributed

A description of a distribution where all outcomes are equally likely, the probability distribution is constant.

Probability

The quantification of the chance that an event will happen, expressed as a number ranging from 0 to 1.