THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 130

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The following data represent a sample of 10 scores on a statistics quiz: 16,16,16,16,16,18,18,20,20,and 20.
-The mean score is:

• A)17.0
• B)17.6
• C)18.0
• D)10.0

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Definitions:

Optimal Consumption

The mix of goods and services purchased that maximizes the utility or satisfaction of a consumer given their budget constraint.

Marginal Utility

The additional pleasure a consumer experiences from acquiring another unit of a product or service.

Marginal Utility Per Dollar

The additional utility gained from spending one more dollar on a good or service.

Diminishing Marginal Utility

The principle stating that as a person consumes more of a good or service, the satisfaction gained from each additional unit decreases.