Table 21 -Refer to Table 2

question 206

Multiple Choice

Table 2.1
$$\begin{array}{l}\text { Table } 2.1\\\begin{array} { | l | l | l | l | l | l | } \hline \text { Item } & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } \\\hline \text { Movie } & \$ 0 & 10 & 20 & 30 & 40 \\\hline \text { Restaurant } & \$ 40 & 30 & 20 & 10 & 0 \\\hline\end{array}\end{array}$$
-Refer to Table 2.1. You can spend $40 on going to the movies or eating at a restaurant, or both. If you decide to spend all your money at the restaurant, how much can you spend at the movies?

• A) $40
• B) $30
• C) $20
• D) $10
• E) $0

Understand how changes in the price of complementary and substitute goods affect demand.

Recognize the effects of income changes on the demand for normal and inferior goods.

Predict market outcomes (e.g., surplus, shortage) from given shifts in supply and/or demand.

Understand the differences and purposes of different types of contracts (C.I.F., F.O.B., C.O.D.).

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Definitions:

Skewed

A description of a statistical distribution that is not symmetrical, indicating that data points tend to extend more to one side of the mean than the other.

Median

The middle value of a data set when it is ordered from least to greatest, separating the higher half from the lower half.

Ordered Data Set

A collection of objects or numbers arranged in a natural, chronologically sequential or hierarchical order.

Median

The value separating the higher half from the lower half of a data sample, a population, or a probability distribution, often used as a measure of central tendency.