Use the Given Information to Find the P -Value $H _ { 1 } : p \neq 3 / 5$

question 25

Multiple Choice

Use the given information to find the P -value. Also, use a 0.05 significance level and state the conclusion about the null hypothesis (reject the null hypothesis or fail to reject the null hypothesis) . With $H _ { 1 } : p \neq 3 / 5$ the test statistic is z=0.78 .

• A) 0.2177 ; reject the null hypothesis
• B) 0.4354 ; reject the null hypothesis
• C) 0.4354 ; fail to reject the null hypothesis
• D) 0.2177 fail to reject the null hypothesis

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Definitions:

Soybeans

Edible legumes native to East Asia, widely grown for their numerous uses, which include producing oil, as a source of protein, and in many food products.

Willingness To Pay

The maximum price a consumer is prepared to pay for a good.

Positively Sloped

Describes a graph or relationship where, as one variable increases, the other variable also increases, typical of a supply curve in economics.

Negatively Sloped

A graphical representation showing a decrease in one variable as another variable increases, often used in the context of demand curves.