TABLE 12-6 The Dean of a College Is Interested in the Proportion

question 203

Short Answer

TABLE 12-6
The dean of a college is interested in the proportion of graduates from his college who have a job offer on graduation day. He is particularly interested in seeing if there is a difference in this proportion for accounting and economics majors. In a random sample of 100 of each type of major at graduation, he found that 65 accounting majors and 52 economics majors
had job offers. If the accounting majors are designated as "Group 1" and the economics majors are designated as "Group 2," perform the appropriate hypothesis test using a level of significance of 0.05.
-Referring to Table 12-6, the null hypothesis will be rejected if the test statistic is _____ .

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Definitions:

Quantity Tax

A tax that is levied on a specific amount or quantity of a good or service, rather than on its value.

Lost Revenue

Revenue that was expected but not received, often due to unforeseen circumstances or decisions leading to missed opportunities.

Long-Run Cost Curve

A graphical representation showing the minimum cost at which any given level of output can be produced in the long run, where all inputs are variable.

Industry Supply Curve

A graphical representation showing the quantities of a product that firms across an industry are willing to supply at different price levels.