Figure 3-25 Chile's Production Possibilities Frontier

question 9

Multiple Choice

Figure 3-25
Chile's Production Possibilities Frontier
Colombia's Production Possibilities Frontier
-Alexis is a lawyer.She bills her clients $100 an hour for her services.She can also mow her lawn in 30 minutes.She can hire someone to mow her lawn who takes an hour.Of the following prices,which is the highest Alexis would pay someone to mow her lawn?

• A)$99
• B)$49
• C)$29
• D)Alexis would always mow her own lawn because she can do it faster.

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Definitions:

Random Sample

A sample drawn in such a way that each member of the population has an equal chance of being selected.

Female Customers

A specific segment of the market made up of women or those identifying as female who purchase goods or services.

Standard Deviation

Standard deviation is a measure of the dispersion or spread of a set of numbers, indicating how much individual numbers in a dataset deviate from the mean or average.

Random Variable

A statistical variable whose outcomes are numeric and result from unpredictable events.