Answer:
a, Redistribute income from Victoria to Fredrick.
Explanation:
Marginal Utility is defined as the "change in the utility from an increase in the consumption of that good or service." According to my research on marginal utility, I can say that based on the information provided within the question we should Redistribute income from Victoria to Fredrick in order to maximize the combined total utility.
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Answer:
A fire-breathing winged serpent adores crunching biscuits more than anything on earth, subsequently his name, the Muffin Dragon. An awesome anecdote about basic financial matters as it identifies with this mythical dragon and merciful yet poor people who live in a once-over mansion in the forested areas
Explanation:
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Answer:
Year 1, Year 2 purchasing power = 8 , 9 (respectively). As price level fall, value of money<u> Increases </u>
Explanation:
Year one purchasing power = Money ($) / Price per basket = 72 / 9 = 8
Year two purchasing power = Money ($) / Price per basket = 72 / 8 = 9
This implies that, as price level falls (from 9 to 8 here) ,the value of money ie purchasing power increases (from 8 to 9)
Answer:
I. Identify what is the problem
II. Acquire the data
III. Develop the model
IV. Implement the Model.
V. Do the results look right.
Explanation:
The problem-solving process can be defined as the systematic approach used to identify and determine the solution to a particular problem.
The steps involved in the problem-solving process are;
1. Identify and define the problem: this is the first step to be taken in solving a problem. This is to ensure that, the focus is on the main issue or situation and all efforts is channeled in the right direction rather than the symptoms.
2. Gathering of information: this helps to consider the options available in solving a problem effectively.
3. Consider your options: this helps to compare the available and viable solutions to the problem.
4. Weigh disadvantages and evaluate a solution: you weigh the disadvantages of each solution, before choosing the one with the least disadvantages.
Hence, the fundamental steps of the problem solving process in the correct order are;
I. Identify what is the problem
II. Acquire the data
III. Develop the model
IV. Implement the Model.
V. Do the results look right.
Answer:
Standard error of the mean = 3
Explanation:
Given:
Mean Distribution = $100
Standard deviation = $12
Total number of player = 16 player
Standard error of the mean = ?
Computation of standard error of the mean:
Standard error of the mean = Standard deviation / √ Total number of player
Standard error of the mean = 12 / √16
Standard error of the mean = 12 / 4
Standard error of the mean = 3
