When the Prices Were ($5, $1), Vanessa Chose the Bundle

question 58

Multiple Choice

When the prices were ($5, $1) , Vanessa chose the bundle (x, y) = (6, 3) .Now at the new prices, (p_x, p_y) , she chooses the bundle (x, y) = (5, 7) .For Vanessa's behavior to be consistent with the weak axiom of revealed preference, it must be that

• A)4p_y < p_x.
• B)p_x < 4p_y.
• C)5p_y < p_x.
• D)p_y = 5p_x.
• E)None of the above.

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Definitions:

Distribution

Describes the way values of a variable or set of data are spread or distributed across possible values or intervals.

Z-score

A measure that indicates how many standard deviations an element is from the mean of its distribution.

Hypothesized Population Mean

The expected average value across a population, based on a hypothesis.

Raw Score

The original, unadjusted score obtained in a measurement or test.