Answer:
The correct word for the blank space is: Ordinal.
Explanation:
Ordinal data is one of the four (4) types of measurement scales that values in order of importance the rating that can be provided over a subject. However, the difference between each of the rates is not clear. Usually, this approach aims to measure <em>comfort, experience </em>or <em>satisfaction</em>.
Since Margo purchase her optimal consumption bundle, the
marginal utility per dollar consumed on dance lessons must be equivalent to the
marginal utility per dollar paid on dance shoes. The marginal utility per
dollar spent on dance lessons is 100 utils per lesson, where $50 per lesson is equivalent
to 2 utils per dollar. The marginal utility per dollar expended on dance shoes
therefore has to equal 2 utils per dollar. Since the marginal utility of a pair
of dance shoes cost 300 utils per pair, the value of a pair of shoes should be
$150 per pair, so that 300 utils per pair/$150 per pair is equal to: 2 utils
per dollar.
It should generate another major event around 2050-2060
