Assume a Consumer Is Currently Purchasing a Combination of Goods,X

question 48

Multiple Choice

Assume a consumer is currently purchasing a combination of goods,X and Y,that maximizes her utility given her budget constraint,i.e.,MRSX,Y = PX/PY.Now assume that there is a decrease in the price of Y.In this case,to once again maximize her utility,the consumer will want to adjust her purchases of X and Y such that:

• A)the marginal rate of substitution of X for Y, i.e., MRSX,Y, decreases.
• B)the marginal rate of substitution of X for Y, i.e., MRSX,Y, stays the same.
• C)the marginal rate of substitution of X for Y, i.e., MRSX,Y, increases.
• D)none of the above. The consumer will continue to maximize her utility after the price change by continuing to consume the same combination of X and Y.

Determine the appropriate sample size for estimating population proportions.

Understand the Central Limit Theorem and its implications for the distributions of sample means and differences between two sample means.

Calculate and interpret the test statistic for hypothesis tests involving a single population mean, a single population proportion, and the difference between two population means or proportions.

Determine sample sizes needed for estimating population parameters within a specified margin of error.

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