The Process of Analyzing Sample Data in Order to Draw

question 41

Multiple Choice

The process of analyzing sample data in order to draw conclusions about the characteristics of a population is called

• A) descriptive statistics.
• B) statistical inference.
• C) data analysis.
• D) data summarization.

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Definitions:

Diminishing Marginal Utility

The principle that as a person consumes more of a product, there is a decline in the additional satisfaction or utility that person derives from consuming one more unit of the product.

Total Utility

The total satisfaction received by a consumer from consuming a particular quantity of goods or services.

Nth Unit

A term referring to the last or latest unit produced or consumed, often used in economics to analyze marginal costs or benefits.

Diminishing Marginal Utility

A principle stating that as a person consumes more of a good, the additional satisfaction gained from consuming an additional unit decreases.