A Pizza Chain Is Considering Opening a New Store in an Area

question 99

Multiple Choice

A pizza chain is considering opening a new store in an area that currently does not have any such stores.The chain will open if there is evidence that more than 5,000 of the 20,000 households in the area have a favorable view of its brain.It conducts a telephone poll of 300 randomly selected households in the area and finds that 96 have a favorable view.The p-value associated with the test statistic in this problem is approximately equal to:

• A)0.0100
• B)0.0051
• C)0.0026
• D)0.0013

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Definitions:

Marginal Utility

The increased gratification or utility derived from the consumption of an extra unit of a good or service.

Energy Drink

A type of beverage containing stimulant compounds, usually caffeine, that is marketed as providing mental and physical stimulation.

Utility

Describes the complete fulfillment derived from the use of a product or service.

Demand Curve

A graph showing the relationship between the price of a good and the amount of the good that consumers are willing to purchase at that price, ceteris paribus.