Given That Income Is $500 and P_X = $20 and P_Y

question 36

Multiple Choice

Given that income is $500 and P_X = $20 and P_Y = $5,what is the market rate of substitution between goods X and Y?

• A) 100
• B) -4
• C) -20
• D) 25

---

Definitions:

Negatively Skewed

Describes a distribution of values where the tail on the left side of the probability density function is longer or fatter than the right side, indicating a majority of the data lies to the right of the mean.

Frequency Polygon

Line graph that uses data points to represent the frequency of each value of a variable.

Skewed Distribution

A distribution where the tails on one side of the mean are longer or fatter, indicating lack of symmetry.

Frequency Distribution

A representation, often in the form of a table or graph, of how the values in a data set are distributed across categories or intervals.