Consider the Following Frequency Distributions Generated by Excel

question 36

Multiple Choice

Consider the following frequency distributions generated by Excel.What is the missing cumulative % value identified by the asterisk?

• A)60.00%
• B)5)00%
• C)100%
• D)90%

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Definitions:

Marginal Utility Function

A mathematical representation that describes how the utility or satisfaction derived from consuming an additional unit of a good changes as more of the good is consumed.

Utility Function

A utility function is a mathematical representation of a consumer's preference ranking for different bundles of goods, showing the level of satisfaction for each.

Wealth

A substantial amount of monetary assets or physical valuables that are capable of being changed into a format usable for trading purposes.

Utility Function

A mathematical representation of how a consumer ranks different bundles of goods according to their level of satisfaction or utility.