SCENARIO 9-2 a Student Claims That He Can Correctly Identify Whether a Whether

question 34

Multiple Choice

SCENARIO 9-2
A student claims that he can correctly identify whether a person is a business major or an agriculture major by the way the person dresses.Suppose in actuality that if someone is a business major,he can correctly identify that person as a business major 87% of the time.When a person is an agriculture major,the student will incorrectly identify that person as a business major 16% of the time.Presented with one person and asked to identify the major of this person (who is either a business or an agriculture major) ,he considers this to be a hypothesis test with the null hypothesis being that the person is a business major and the alternative that the person is an agriculture major.
-Referring to Scenario 9-2,what is the "actual confidence coefficient"?

• A)0.13
• B)0.16
• C)0.84
• D)0.87

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Definitions:

P × q

The formula representing total revenue, where P is the price per unit and q is the quantity of units sold.

Homogeneous

Characteristics of products or services that are identical in quality and features, making them indistinguishable from one another in the eyes of consumers.

Fast-Food Industry

The fast-food industry comprises businesses that serve quick service food items over the counter or via drive-thrus, often emphasizing speed, convenience, and affordability.

Marginal Revenue

The additional income generated from selling one more unit of a good or service.