It Would Not Be Appropriate to Use a Binomial Test

question 54

True/False

It would not be appropriate to use a binomial test with p = 0.80 and n = 50​

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Definitions:

Units of X

Specific measures or quantities of a given variable or product X.

Price of X

The cost associated with acquiring a unit of good or service X.

Utility Function

An economic model that measures preferences over a set of goods and services.

Budget Constraint

An economic model that represents all the combinations of goods and services a consumer can purchase given their income and the prices of those goods and services.