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Lisa Consumes Only Pizzas (P)and Burritos (B)

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Essay

Lisa consumes only pizzas (P)and burritos (B).Her utility function is U = P0.5 B0.5.The price of per pizza is $10 and the price per burrito is $5.In equilibrium,Lisa consumes 4 pizzas.Using Lisa's utility function,calculate how many burritos she consumes.

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Definitions:

Nonparametric Tests

Statistical tests that do not assume the data being analyzed follows a particular distribution, often used when data doesn't meet the assumptions of parametric tests.

Z-statistic

A measure that describes how far a data point is from the mean, expressed in units of standard deviation.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, commonly denoted by alpha and used as a threshold for determining the statistical significance of a result.

Parametric Test

A type of hypothesis test that assumes the sample data comes from a population that fits a certain distribution, typically a normal distribution.

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