The weighted arithmetic mean is calculated as:
\( \text{Mean} = \frac{\sum (\text{value}) \times (\text{weight})}{\sum \text{weights}} \)
For (B) with weights \( 1, 1, 3 \):
\(\text{Mean} = \frac{10(1) + 20(1) + 30(3)}{1 + 1 + 3} = \frac{10 + 20 + 90}{5} = 24\)
Thus, the correct answer is (b).
Which of the following are applicable to the individual's expenditure function?
(A) It is homogeneous of degree zero in all prices.
(B) It represents the maximum expenditure to achieve a given level of utility.
(C) It is non-decreasing in prices.
(D) It is concave in prices.
Choose the correct answer from the options given below:
Match List-I with List-II and choose the correct answer:
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