According to the Current Population Survey, the Following Table Summarizes

question 16

Multiple Choice

According to the Current Population Survey, the following table summarizes probabilities for randomly selecting a full-time student in various age groups: If we randomly select a full-time student, what is the probability that the student is 25 or older?

• A)0.26
• B)0.42
• C)0.74
• D)The answer is impossible to determine from the information given.

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Definitions:

Prices

The amount of money required to purchase a good or service, reflecting the value placed on it by the market.

MU/P

The ratio of marginal utility (MU) to price (P), representing the additional satisfaction gained per unit of currency spent.

Less Of

A comparative term indicating a reduced quantity or degree of something.

Marginal Utility

The additional satisfaction or utility that a consumer receives from consuming an additional unit of a good or service.