Pilots' Union Contract

question 33

Essay

Pilots' Union Contract
A union composed of several thousand pilots is preparing to vote on a new contract.A random sample of 500 pilots yielded 320 who planned to vote yes.It is believed that the new contract will receive more than 60% yes votes. ​ ​
-{Pilots' Union Contract Narrative} State the appropriate null and alternative hypotheses.

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Definitions:

Percentage Changed

The amount, expressed as a percentage, that a value has increased or decreased compared to a previous value.

Real Wages

Wages that have been adjusted for inflation, reflecting the purchasing power of the income.

Labor Supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to offer at that wage rate.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another that has become relatively cheaper.