Six People Have Declared Their Intentions to Run for a Trustee

question 1

Short Answer

Six people have declared their intentions to run for a trustee seat in the next local election.A political poll is conducted during the campaign among 1,020 randomly sampled voters to determine if there is any clear preference among the voters.The responses are shown below. What is the null hypothesis? ___________________________________

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Definitions:

Marginal Cost

The price rise from the production of an additional unit of a product or service.

Diminishing Returns

A principle stating that as one input in the production process is incrementally increased, there will be a point at which the added output from each additional unit of input will start to decrease.

Diseconomies of Scale

This phenomenon occurs when a firm's production costs per unit increase as it produces more, due to inefficiencies that arise from scaling up operations.

Economic Profit

The economic result derived from subtracting a business's entire expenses, both explicit and implicit, from its total incoming funds.