The Relationship Between the Marginal Utility That Wendy Gets from Eating

question 230

Multiple Choice

The relationship between the marginal utility that Wendy gets from eating hamburgers and the number of hamburgers she eats per month is as follows:
Wendy receives 3 units of utility from the last dollar spent on each of the other goods she consumes.If hamburgers cost $4 each,how many hamburgers will she consume per month if she maximizes utility?

• A)2
• B)3
• C)4

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Definitions:

Alternative Hypothesis

A hypothesis used in hypothesis testing that proposes there is a significant difference between the observed data and the null hypothesis.

Standard Error

The standard deviation of the sample distribution of a statistic, used to estimate the accuracy of the sample mean as a predictor of the population mean.

Sample Proportion

The fraction or percentage of the sample that represents part of a particular category or characteristic of interest.

Null Hypothesis

A hypothesis that assumes no significant difference or effect in the context of an experiment or test.