Apple Computer, Inc

question 13

True/False

Apple Computer, Inc. collected information on the age of their customers. The youngest customer was 12 and the oldest was 72. To study the percentage of their customers who are below a certain age, it can use an ogive.

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Definitions:

Marginal Utility

The additional contentment a customer derives by consuming one more unit of a product or service.

Demand

The desire and ability of consumers to purchase goods and services at various price levels.

Budget Line

A budget line represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.

Consumer's Equilibrium

A state where an individual allocates their income in a way that maximizes their satisfaction or utility, given their budget.