Identify the Null and Alternative Hypotheses for the Following Problems

question 119

Essay

Identify the null and alternative hypotheses for the following problems.
a.The manager of a restaurant believes that it takes a customer less than or equal to 25 minutes to eat lunch.
b.Economists have stated that the marginal propensity to consume is at least 90¢ out of every dollar.
c.It has been stated that 75 out of every 100 people who go to the movies on Saturday night buy popcorn.

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Definitions:

Interest Rate

The cost of borrowing money or the return for investing money, usually expressed as a percentage per annum.

Money Demand

The desire to hold cash or liquid assets rather than making investments, influenced by interest rates, income levels, and inflation.

Real GDP

The assessment of a nation's economic production once it has been corrected for changes in prices, such as inflation or deflation, showcasing the actual amount of goods and services generated.

Nominal Interest Rate

The interest rate before taking inflation into account, representing the raw interest rate that a borrower pays to a lender.