The Purpose of Inferential Statistics Is to Make a Determination

question 10

True/False

The purpose of inferential statistics is to make a determination about a population on the basis of a sample from that population.

Understand the implications of negative marginal utility.

Learn about the diamond/water paradox and its relation to marginal value.

Grasp the effect of price changes on consumer decisions through the substitution and income effects.

Understand the importance of the price to utility ratio in consumer choice.