(Table) in the Table, Both Root Beer and Candy Bars

question 104

Multiple Choice

(Table) In the table, both root beer and candy bars exhibit _____ utility.
$\begin{array}{l}\hline \quad \quad \quad {\text { Root Beer }} \quad \quad \quad \quad \quad \quad \quad \quad {\text { Candy Bars }} \\\begin{array}{|c|c|c|c|}\hline \text { Quantity } & \text { Total Utility } & \text { Quantity } & \text { Total Utility } \\\hline 0 & 0 & 0 & 0 \\\hline 1 & 60 & 1 & 80 \\\hline 2 & 110 & 2 & 150 \\\hline 3 & 150 & 3 & 200 \\\hline 4 & 180 & 4 & 230 \\\hline 5 & 200 & 5 & 240 \\\hline\end{array}\end{array}$

• A) diminishing total
• B) diminishing marginal
• C) increasing marginal
• D) both diminishing total utility and diminishing marginal

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Definitions:

Box and Whisker Plot

A graphical representation of data that shows the distribution of data points based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Five-number Summary

A statistical summary that includes the minimum, the first quartile, the median, the third quartile, and the maximum of a data set.

Z-scores

Standardized scores that indicate the number of standard deviations an element is from the mean of its distribution.

Absolute Value

A number's distance from zero on the number line, without considering its direction; denoted by two vertical bars on either side of the number.