Consider the Following Data Set: 2

question 69

Multiple Choice

Consider the following data set: 2.2, 2.3, 2.3, 2.5, 2.6, 2.7, 2.8, 2.8, 2.8, 2.9, 3.1, 3.2, and 3.5. What is the rank assigned to the three observations of value 2.8?

• A) 6
• B) 7
• C) 8
• D) 9

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Definitions:

Total Utility

The overall satisfaction or value a consumer receives from consuming a given quantity of a good or service.

Marginal Utility

The supplementary enjoyment or value a consumer experiences from the purchase of an additional unit of a product or service.

Marginal Utility

The extra value or benefit derived from the use of one more unit of a product or service.

Additional Slice

Generally refers to an extra portion or piece of something, often used metaphorically to describe an additional amount or increment of a resource or benefit.