SCENARIO 12-2 The Dean of a College Is Interested in the Proportion

question 97

Short Answer

SCENARIO 12-2
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 Scenario 12-2,the value of the test statistic is .

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Definitions:

Quantity Demanded

The full quantity of a good or service that consumers are inclined and financially capable of purchasing at a designated price.

Price Elasticity

An indicator for the degree to which the supply or demand level of a good adjusts following a change in its price.

Midpoint Method

A technique used in economics to measure the elasticity of demand or supply, which calculates the percentage change between two points by dividing the difference by the average of those points.

Luxury

A luxury item is a good or service that is considered to be of high quality, often resulting in higher prices and perceived as non-essential but desirable if one has the means.