In Testing the Hypotheses $H _ { 0 } : \mu = 50$

question 117

Short Answer

In testing the hypotheses $H _ { 0 } : \mu = 50$ . $H _ { 1 } : \mu < 50$ .
we found that the standardised test statistic is z = -1.59. Calculate the p-value.

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Definitions:

Output

The total amount of goods or services produced by a business, industry, or economy.

Marginal Revenue

Additional earnings received from the sale of one more unit of a product or service.

Marginal Cost

The financial commitment for manufacturing an additional unit of a product or service.

Profits

The financial gain obtained when the revenues earned from business activities exceed the expenses, costs, and taxes needed to sustain those activities.