Pencils sell for 10 cents and pens sell for 50 cents. suppose jack, whose preferences satisfy all of the basic assumptions, buys 5 pens and one pencil each semester. with this consumption bundle, his mrs of pencils for pens is 3. which of the following is true?

a. jack could increase his utility by buying more pencils and fewer pens. your answer is correct.
b. jack is at a corner solution and is maximizing his utility.
c. jack could increase his utility by buying fewer pencils and fewer pens.
d. jack could increase his utility by buying more pens and fewer pencils.
e. jack could increase his utility by buying more pencils and more pens.

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money.msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach